The January 2025 report explores the impact of the CFPB’s Section 1033 rule on open banking in the U.S., emphasizing the rapid innovation already underway. Industry leaders, through standards like FDX, have outpaced regulators in addressing API security. The CFPB's designation of FDX as a standard-setting body reflects this progress and promotes collaboration. Financial institutions and vendors are working symbiotically to strengthen security and improve user experience. However, CISOs face uncertainty due to pending lawsuits and leadership changes at the CFPB, complicating implementation planning in the evolving regulatory environment.

Join for free to read