Good governance: 2024 compliance topics for boards

Credit union directors need to understand these 4 regulatory topic

The regulatory landscape requires board members to have knowledge of the most pressing compliance topics. We highlighted several regulatory topics in “A Culture of Compliance.” Here are additional regulations to watch.

Open Banking Rule

The proposed open banking rule by the Consumer Financial Protection Bureau, formally titled “Required Rulemaking on Personal Financial Data Rights,” is premised on enabling consumers to share their financial data with third-party providers, but attorney Michael Edwards explains that it would really legalize so-called “open banking,” which Investopedia defines as “a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces.”

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