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As reported by Axios, under a final rule published this week, the CFPB will require industry bodies seeking to set open banking standards to include consumer advocacy and small companies in the voting process.
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“Industry standards can be weaponized by dominant firms in order to maintain their market position, undermining competition for all,” said CFPB Director Rohit Chopra. “Today’s rule will prevent these firms from rigging standards in their favor by identifying attributes the CFPB will use to recognize standard setters.”
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