Industry standard

Chopra says CFPB reviews industry standard metrics

On November 2, CFPB Director Rohit Chopra delivered prepared remarks ahead of a public meeting of the Bureau’s Consumer Advisory Council briefly addressing several topics related to the Buy Now Pay Later marketplace, big tech and data collection, peer-to-peer payment platforms, and the regulation of Section 1033 regarding consumer rights to their personal financial data. Chopra notably raised a topic of discussion regarding industry standards organizations and critical infrastructure providers. Acknowledging that private organizations play a major role in setting standards across all sectors of the economy, Chopra emphasized that “[d]An open, centralized bank will likely rely on fair standardization, through a mix of legally binding rules and industry-developed standards. He warned, however, that it “may be difficult to achieve fair standardization, as incumbents will have a strong economic interest when it comes to protecting their territory”. Chopra pointed to the telecommunications and healthcare industries as areas where private organizations “are not neutral, but are rather owned or governed by certain market players” and where other players may also incorporate a similar function. to a lobbying or trade association. Explaining that the Office has spent a lot of time on this space, Chopra said the agency is gathering information on experiences from other countries, such as the UK’s Open Banking Implementing Entity ( which was created to provide critical services and infrastructure). than national developments. He said the Bureau will develop rulemaking with a practical mindset on how the requirements would be operationalized in the marketplace.

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