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Code of Federal Regulations (Last Updated: November 8, 2024) |
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Title 12 - Banks and Banking |
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Chapter X—Consumer Financial Protection Bureau |
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Part 1033 - Personal Financial Data Rights |
Appendix A to Part 1033 - —Personal Financial Data Rights Rule: How To Apply for Recognition as a Standard Setter
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Appendix A to Part 1033—Personal Financial Data Rights Rule: How To Apply for Recognition as a Standard Setter
If you want the CFPB to designate your organization as a recognized standard setter, you should follow the steps described below.
We may amend this process from time to time.
Step One: Requesting Recognition
Submit a written request for recognition.[1]
This should include key contact information, evidence of your organization's policies and practices,[2] and an explanation of how your organization satisfies each of the requirements in the Personal Financial Data Rights rule to be a recognized standard setter.[3] Your request should also describe how current and/or anticipated standards issued by your organization relate to open banking.
In advance of filing your request, you can seek a pre-filing meeting with us. We can walk you through the application process and help you make a complete submission.
Send formal submissions, as well as requests for pre-filing meetings, to: openbankingstandards@cfpb.gov.
Step Two: Additional Information and Public Comment
After reviewing your submission, we may request additional information to ensure that your application is complete.
We may publish your application.
We may also seek public input on your application and invite your responses to any information we receive on that basis.
Step Three: Our Review
When reviewing your application, we consider whether your policies and practices meet all the requirements for recognition. We also evaluate whether your application is accurate and complete.
We prioritize and review applications based on the extent to which recognizing your organization helps us to implement open banking.[4]
Step Four: Application Decision
CFPB recognition will be publicly disclosed on our website, along with the applicable terms and conditions of such recognition, such as its duration.
If the CFPB declines to recognize your organization, we will notify you.
You may withdraw your application at any time or for any reason.
If we determine that your organization is close to meeting, but does not yet meet, the requirements for CFPB recognition, we may ask you to provide a written plan specifying how and when you will take the steps required for full recognition. If that plan is satisfactory, we may state on our website that your organization has received contingent recognition. Once you provide us with evidence that you have successfully executed on that plan (or otherwise addressed the relevant contingences), the CFPB may extend full recognition.
Step Five: Recognition
There are several points to keep in mind about recognition.
As a recognized standard setter, you agree that the CFPB may monitor your organization and that you will provide information that we request.
You must also provide us, within 10 days, written explanation of any material change to information that was submitted with your application or during recognition, as well as any reason your organization may no longer meet underlying requirements for recognition.
In addition, you must meet any other specified terms and conditions of your recognition, which may include our reserving the right to observe or participate in standard setting.
If your recognition is set to expire, you can apply for re-recognition by re-starting at Step One at least 180 days before expiration. We may temporarily extend your recognition while we consider your request for re-recognition.
We may modify or revoke your recognition. The CFPB expects to notify you of the reasons it intends to revoke or modify recognition, and to provide your organization with an opportunity to address the CFPB's concerns.