<ul><li>APIs are increasingly important for banks, retailers, and enterprises, but they also need to comply with regulatory standards.</li><li>The Consumer Financial Protection Bureau (CFPB) has recently passed rule 1033 to protect consumer financial data.</li><li>Open banking interfaces must be available and fast with uptime of at least 99.5% each month.</li><li>The UK has long led the open banking movement and has set the foundation for API best practices.</li><li>Securing APIs is crucial, as poorly designed APIs can expose vulnerabilities and increase the risk of exploitation.</li><li>Companies should establish effective monitoring systems for their APIs to maintain compliance and prevent API drift.</li><li>Recent studies show that 75% of tested APIs had endpoints that didn’t conform to standards, highlighting the need for continuous oversight.</li><li>API performance and monitoring are now at the heart of financial data access and privacy regulations.</li></ul>

CFPB Rule Changes Presents New Open Banking Challenge – Ensuring Compliance with API Standards

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