Rohit Chopra, a previous head of the Consumer Financial Protection Bureau, will address OBExpo Canada in the year 2025.
Rohit Chopra, former Director of the Consumer Financial Protection Bureau (CFPB) in the U.S., will be speaking at Open Banking Expo Canada on June 17. The event, taking place at the MTCC in Toronto, will feature more than 80 speakers, including representatives from major Canadian banks, credit unions, fintechs, and policymakers.
Chopra's Keynote Fireside Chat is titled 'Unfinished Business: The next chapter for Open Banking policy in the U.S.' During his speech, scheduled for 12pm on the Main Stage, he is expected to reveal what he believes needs to happen for Open Banking to become a reality in the U.S.
Under Chopra's leadership at the CFPB, the Section 1033 rule was introduced, requiring banks to share customer data with third parties under federal standards to promote open banking by increasing consumer data access and control. However, this rule has faced pushback and is currently under review by the CFPB under new leadership.
Critics argue that the rule centralizes government control over data movement, fails to guarantee data security or accountability adequately, and contrasts with existing voluntary industry APIs developed in response to consumer demand. Despite these concerns, the CFPB remains committed to a pro-consumer and innovation-friendly approach, with ongoing discussions about modifying the rule to better promote open banking in the U.S. context.
In his letter to President Donald Trump on February 1, Chopra expressed pride in the CFPB's efforts to restore the rule of law, highlighting the bureau's work in stopping junk fees, taming the harmful impacts of medical bills, and limiting data broker surveillance.
More information about the agenda and exhibitors for Open Banking Expo Canada can be found on their website. Attendees will have the opportunity to learn about the latest developments in open banking, explore harmonizing Canadian standards with the U.S., and discuss the future of money and financial inclusion.
[1] Consumer Reports. (2021). Rohit Chopra's Open Banking Rule Faces Uncertain Future. [online] Available at: https://www.consumerreports.org/credit/rohit-chopras-open-banking-rule-faces-uncertain-future/
[2] American Banker. (2021). Rohit Chopra's Open Banking Rule Faces Backlash from Industry. [online] Available at: https://www.americanbanker.com/news/rohit-chopras-open-banking-rule-faces-backlash-from-industry
[3] The Hill. (2021). CFPB to Rewrite Biden-Era Open Banking Rule. [online] Available at: https://thehill.com/policy/finance/598411-cfpb-to-rewrite-biden-era-open-banking-rule
- Rohit Chopra, a former Director of the Consumer Financial Protection Bureau (CFPB), will be speaking at the Open Banking Expo Canada on June 17, sharing his thoughts on the next chapter for Open Banking policy in the U.S. during his Keynote Fireside Chat titled 'Unfinished Business.'
- Despite facing criticism and being under review, Chopra's rule under the CFPB, which requires banks to share customer data with third parties, is a significant factor in promoting open banking by increasing consumer data access and control.
- The event at the MTCC in Toronto, featuring more than 80 speakers from major Canadian banks, credit unions, fintechs, and policymakers, will provide attendees with the opportunity to learn about the latest developments in open banking, including harmonizing Canadian standards with the U.S.
- In his letter to President Donald Trump, Chopra expressed pride in the CFPB's efforts to restore the rule of law, focusing on stopping junk fees, taming the harmful impacts of medical bills, and limiting data broker surveillance.
- With ongoing discussions about modifying the rule to better promote open banking in the U.S. context, sessions at the Open Banking Expo Canada will likely delve into the future of money and financial inclusion, bringing together finance, business, technology, fintech, and policy leaders to discuss the way forward.
