<ul><li>The Consumer Financial Protection Bureau (CFPB) has recognized Financial Data Exchange (FDX) as a standard-setting body for open banking.</li><li>The push for standardization aims to make individuals' financial data portable, safe, and accessible on a use case basis.</li><li>The CFPB can revoke the recognition of standard setters after a maximum tenure of five years.</li><li>Compliance with the new rule will be staggered based on the size of financial institutions, with larger FIs required to comply within six months.</li></ul>

Charting the Long Path to Open Banking Standardization

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