The field of open banking refers to a data ecosystem in which data providers, such as banks and credit unions, send personal financial data to companies (e.g., fintechs) at a customer’s direction, in order to provide new products and services to the customer. Examples of these products and services include peer-to-peer payments, wealth management, and tax filing.
Open banking frameworks differ from country to country, but the interplay between open banking and data protection law raises important issues that all jurisdictions must address. Open banking can be a catalyst for greater competition by enabling new products and services that depend on the sharing of personal data. That sharing of personal data is integral to realizing these benefits presents privacy and security risks, including the risk of data breaches and unauthorized transactions. FPF works with a community of experts to identify the privacy and data protection risks in this space, educate policymakers about the challenges facing the open banking ecosystem, and develop best practices and policy recommendations.
FPF Files Comments with the Consumer Financial Protection Bureau Regarding Personal Financial Data Rights
On December 21st, 2023, the Future of Privacy Forum filed comments with the Consumer Financial Protection Bureau (CFPB) in response to the notice of proposed rulemaking (NPRM) regarding personal financial data rights. FPF’s comments focus on promoting privacy as a core tenet in the U.S. open banking ecosystem in order to protect individuals’ personal information […]
FPF in 2023: A Year in Review
As 2023 comes to an end, we want to reflect on a year that saw the Future of Privacy Forum (FPF) continue to expand its presence globally and domestically while organizing engaging events, publishing thought-provoking analysis, providing the latest expert updates, and more. FPF continues to convene industry experts, academics, consumer advocates, and other experts […]
FPF in 2022: A Year in Review
As 2022 comes to an end, we wanted to reflect on a year that saw the Future of Privacy Forum (FPF) expand its presence both domestically and around the globe, while producing engaging events, thought-provoking analysis, and insightful publications. Global Expansion In 2022, FPF closely followed and advised upon significant developments in Asia, the European […]
FPF in 2021: Delivering Privacy Insights & Expert Analysis
With the last days of 2021 upon us, we wanted to take a moment to reflect on this exciting year that saw FPF expand its presence both domestically and around the globe, while producing engaging events, thought-provoking analysis, and insightful reports with real-world impact. Growing Global Expertise The scope of FPF’s international work continued to […]
What the Biden Executive Order Means for Data Protection
Last week, President Biden signed an Executive Order on “Promoting Competition in the American Economy” (“the Order” or “the EO”), published together with an explanatory Fact Sheet. The Order outlines a sweeping agenda for a “whole of government” approach to enforcement of antitrust laws in nearly every sector of the economy. Although there is a […]