Chopra says CFPB will recognize industry standard before final 1033 rule

CFPB Director Rohit Chopra indicated in remarks Thursday that the bureau would be responsive to recommendations sent in December by America’s Credit Unions’ legacy organizations on the CFPB’s section 1033 proposed rule. The proposal covers consumer access to financial data and depends largely on recognition of an organization to set a qualified industry standard to aid compliance.

Among the changes recommended by credit unions to the rule as proposed is for the CFPB to “recognize a qualified industry standard before advancing a final rule.”

Chopra said, “well before we finalize the Personal Financial Data Rights rule this fall, we intend to codify what attributes standard-setting organizations must demonstrate to be recognized under the rule,” during his remarks at the Financial Exchange Global Summit.

He added that the CFPB will “look closely at the makeup of the board or group that makes determinations with respect to the setting or modification of standards. We’ll be looking at your funding structure. If the composition suggests favoritism or if funding is dominated by one market participant, that will be a problem.”

America’s Credit Unions will continue to advocate for changes to the section 1033 rule, which it believes would make credit union services less available and more expensive as proposed.

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