The Consumer Financial Protection Bureau has done an about-face on its open banking rule, issuing a new proposal seeking comment on whether banks can charge fees for data access and if third parties can represent consumers in tapping financial data. On Thursday, the CFPB issued a 13-page advance notice of proposed rulemaking that is
Senate Banking Committee Chair Tim Scott, R-S.C., and committee ranking member Elizabeth Warren, D-Mass. Scott and Warren were among the recipients of a letter from consumer advocates asking for Congressional hearings looking into the Consumer Financial Protection Bureau’s decision to rewrite its 1033 open banking rule.Bloomberg News Consumer advocates are urging lawmakers to hold hearings
Bank trade groups are asking a federal court to halt enforcement of the Consumer Financial Protection Bureau’s open banking rule and extend compliance dates while the Trump administration writes a new rule on personal financial data rights. The latest court developments come amid an intensifying lobbying fight over how the BIden-era rule will be rewritten
Citizens Bank’s latest foray into open banking is aimed at the annoyance of switching recurring payments from one card or bank account to another, a hurdle the bank plans to ease through a mobile app update. The bank has deployed a feature to its app that enables customers to update saved payment information across billers,
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Mastercard CEO Michael Miebach expects the open banking trend to keep gaining ground, and seems to prefer that over banks charging for consumer data. The card network chief gave his view on the
Industry and consumer groups are lining up support for the Financial Technology Association’s legal effort to uphold the Consumer Financial Protection Bureau’s open banking rule, but a federal judge denied their motions to file briefs in support of FTA’s case. Four different groups — including the Financial Health Network, the American Fintech Council, the Financial
The Financial Technology Association filed a motion for summary judgment in federal court late Sunday, defending a final rule on consumer financial data rights that the Consumer Financial Protection Bureau under the Trump administration refused to uphold. The FTA said in a court filing that consumers cannot share their data without easy access from banks.
The Central Bank of Nigeria (CBN) has warned Nigerian banks and fintechs to be wary of cybersecurity risks as they move into open banking. The Director of Payments System Policy at the CBN, Mr. Musa Jimoh, gave this charge while speaking during the Q2 Regulators Forum of the FintechNGR themed, “Beyond Compliance: Unlocking Innovation with Nigeria’s
The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled. Open banking — or consumer-driven banking, as Ottawa calls it — is about allowing Canadians and businesses to securely share their financial data with third parties other than their
Citizens has spent more than two years working on its open banking strategy.Alex Kent/Bloomberg The Trump administration is doing away with a regulation designed to promote data sharing between banks and third parties. But for Citizens Financial, the move isn’t hindering its bullishness on the broader concept. “This doesn’t change our strategy,” Eric McCabe, Citizens’