August 15, 2025

Politics and policy

Banking

Bank fees for data access threaten the foundations of open banking

The CFPB must unequivocally state that consumers own their financial data and prohibit financial institutions from monetizing access to it. No one should dictate with whom consumers can share their data, writes Dan Quan, of Nevcaut Ventures.Adobe Stock JPMorganChase’s stunning move to force fintechs to pay for accessing customer data has roiled the open banking

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Banking

Clarified crypto rules are about to usher in a new banking paradigm

Noelle Acheson highlights how last week’s White House crypto document and the SEC’s announced Project Crypto are not just about supporting digital assets — they’re also about an overhaul of traditional finance.Adobe Stock Last week was a watershed in the evolution of the U.S. digital asset ecosystem, with two high-level official statements on next steps

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Banking

Senate Banking moves housing bill forward

“For far too long, Congress believed this problem was too big to solve,” said Sen. Tim Scott R-S.C., the chair of the Banking Committee.  “Today, we’re taking not a step – but we’re taking a leap in the right direction in a bipartisan fashion. Many people around the country are frustrated with the way we do

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Investment

Treasury pauses AML rule for investment advisors

The Treasury’s Financial Crimes Enforcement Network suspended enforcement of a rule that would require investment advisors to comply with Bank Secrecy Act requirements, including implementing anti-money-laundering controls and filing suspicious activity reports to Fincen. “Fincen recognizes … that the rule must be effectively tailored to the diverse business models and risk profiles of the investment

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Banking

Fintech group urges court to uphold CFPB’s open banking rule

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. 

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Banking

Senate banking budget bill overhauls CFPB funding

WASHINGTON — The Senate Banking Committee’s contribution to the “big, beautiful bill” would cut funding for the Consumer Financial Protection Bureau and eliminate the Office of Financial Research — just two of many provisions included in the legislation.  The bill would drastically change the funding structure of the CFPB by removing its ability to fund

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Banking

Stablecoin bill undermines state banking authority, group says

WASHINGTON — A group representing state legislatures is criticizing the Senate stablecoin bill championed by congressional Republicans, arguing that a provision added to the bill after it passed through the Senate Banking Committee will undermine the rights of states to determine which financial institutions operate there.  The National Conference of State Legislatures urged leading lawmakers

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Banking

CFPB, bank lobby ask court to strike down open banking rule

The Consumer Financial Protection Bureau has asked a federal court to vacate its own open banking rule because it believes the rule exceeds the bureau’s authority and is arbitrary and capricious in its scope. In a motion for summary judgment filed Friday evening in the U.S. District Court for the Eastern District of Kentucky, the

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Banking

The CFPB plans to kill the 1033 rule. Open banking lives on

If you asked the average person on the street if they would like their bank account data to be treated in the same way as data on Instagram or Facebook — that is, shared with advertisers, vendors and service providers — the response would be a resounding: “No! Absolutely not!” Yet every day, millions of

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Banking

Trump’s CFPB reverses course on 1033 open bank regulation

The Consumer Financial Protection Bureau signaled that its embattled consumer financial data rights rule may soon be nullified, according to a legal filing submitted just before Memorial Day weekend.  In a filing Friday in the Eastern District of Kentucky, CFPB Chief Legal Officer Mark Paoletta said the bureau leadership aims to table the rule after

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