On September 24, the CFPB initiated a public comment process for recognizing organizations as open banking standard setters. The first application open for public comment was from a financial data exchange company. The CFPB outlined five qualifications for organizations seeking recognition as standard-setting bodies: (i) openness; (ii) transparency; (iii) balanced decision-making; (iv) consensus; and (v) due process and appeals. The CFPB invites public comments on the merits of applications under these criteria. To review the company’s application and submit comments, the public can visit the CFPB’s Applications for Open Banking Standard Setter Recognition webpage.