Final Rule Summary on Industry Standard Setting (Personal Financial Data Rights)

Final Rule on Industry Standard Setting (Personal Financial Data Rights)
12 CFR Part 1033

The Consumer Financial Protection Bureau (CFPB) finalized (in part) its proposed rule on consumer data rights under Section 1033 of the Consumer Financial Protection Act.  This final rule focuses specifically on the industry standard-setting portion of the rule.  The final rule establishes minimum attributes a standard-setting body must possess to receive CFPB recognition and to issue consensus standards when the full rule is finalized. This rule also includes a process for applying for standard setter recognition.

This final rule becomes effective on July 11, 2024 and can be found here.


  • The CFPB is finalizing certain provisions of its required rulemaking on Personal Financial Data Rights, which are intended to promote fair, open, and inclusive industry-setting standards. The proposed rule set forth the CFPB’s view that industry standard setters that operate in a fair, open and inclusive manner have a critical role to play in ensuring a safe, secure, reliable and competitive data access framework. The CFPB will finalize the remainder of the rule at another time.
  • This final rule identifies the attributes that a standard-setting body must demonstrate in order to be recognized by the CFPB. The Bureau proposed that a standard-setting body is “fair, open and inclusive” when it satisfies the following attributes:
    • Openness – a standard-setting body’s openness would be evaluated by reviewing whether the standard-setting body’s sources, procedures and processes are open to all interested parties, and whether those interested parties can meaningfully participate in standards development on a non-discriminatory basis.
    • Balance – a standard-setting body’s balance would be evaluated by the CFPB reviewing whether the standard-setting body’s decision-making power is balanced across all interested parties at all levels of the standard-setting body. Balanced representation must be reflected at all levels of the standard-setting body.
    • Due Process and Appeals – The due process attribute would consider whether a standard-setting body uses documented and publicly available policies and procedures and provides a fair and impartial process for resolving conflicting views. The appeals attribute would consider whether the standard-setting body provides an appeals process for the impartial handling of appeals.
    • Consensus – the consensus attribute looks at whether the standards development processes would proceed by consensus, defined as general agreement but does not necessarily require unanimity.
  • Transparency- the transparency attribute would look at whether the procedures/processes for participating in standards development and for developing standards are transparent to participants and publicly available.

The rule also notes that the Bureau may consider other information when reviewing an application for recognition, including whether the standard-setting body will adopt and maintain standards relevant to open banking.  The rule also contains directions on how to request re-recognition (extension beyond the initial recognition period) and under what circumstances the CFPB may modify or revoke recognition. Instructions for obtaining recognition have been published in Appendix A of this final rule.