Applications to become a recognized standard setter under the Personal Financial Data Rights (PFDR) rule of the Consumer Financial Protection Bureau (CFPB) will be accepted through a webpage introduced Tuesday, the agency said.
Under a portion of the PFDR finalized in the June, the agency said, criteria for becoming a recognized standard setter was defined. The rule itself identifies the attributes that standard setting bodies must demonstrate to be recognized by the agency. The rule also includes a step-by-step guide for how standard setters can apply for recognition and how the bureau will evaluate applications, according to the agency.
The applications, the bureau said, would be made through a webpage. CFPB has now, it said, posted the first application for public comment. Comments on that application are due Oct. 16. Any future applications for public comment will be posted on this webpage, the bureau said.
The agency has said that establishing the process for recognizing data-sharing standards to comply with an upcoming “open banking” rule was the aim of the PFDR rule. The agency said the June rule launched the process for recognizing open banking standards.