“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.”

https://www.consumerfinance.gov/about-us/newsroom/cfpb-launches-process-to-recognize-open-banking-standards/?stream=top