Anyone who has attempted to import multiple sets of data into a spreadsheet knows how important it is for shared datasets to have common formatting standards. What’s true for Microsoft Excel is even more true for bank account information. The Consumer Financial Protection Bureau had finalized an open banking rule that would mandate the sharing
The concept of open banking, or financial data sharing between banks and fintechs, comes with a number of security concerns. What if an application programming interface — a tunnel through which data passes from one application to another — is compromised? What if data stored at a fintech or data aggregator gets hacked? The Consumer
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
A federal judge granted the Financial Technology Association the right to intervene in the Consumer Financial Protection Bureau’s open banking rule, allowing the fintech industry to defend a rule on consumer financial data rights that the Trump administration refused to uphold. On Wednesday, U.S. District Court Judge Danny Reeves said the FTA has a substantial
The benefits of open banking are obvious and significant for consumers — especially those underserved by the current marketplace. Bankers and regulators should work to speed up its implementation, write Horacio Mendez, of the Woodstock Institute, and Phil Goldfeder, of the American Fintech Council.Adobe Stock It is common in the U.S. for consumers to scroll
The Consumer Financial Protection Bureau is expected to amend, or rescind and reissue, the rule on consumer financial data rights, potentially throwing out years of work under the Biden administration on a regulation that banks have long opposed, experts say. How the Trump administration will change the open banking rule is still unknown, but there
House Financial Services Committee ranking member Maxine Waters, D-Calif., left, and chair French Hill, R-Ark. Bloomberg News The House Financial Services Committee passed a budget bill Wednesday that eliminates the Public Company Accounting Oversight Board and caps the Consumer Financial Protection Bureau’s budget at roughly $249 million, a drastic reduction from its recent budgets. Committee
The Trump administration moved swiftly to deliver its deregulatory agenda to the mortgage industry in the president’s first 100 days. Some of those many changes could lead to lower housing costs, following President Trump’s day one executive order to address the constrained housing market. Other rollbacks of Biden-era initiatives and politically motivated actions however will
A cohort of Democratic Senate Banking Committee members Thursday demanded answers from the nation’s deposit insurer regarding an ongoing Department of Government Efficiency-led effort to cut over a thousand agency staffers. In the letter to acting Federal Deposit Insurance Corp. Chair Travis Hill, Senators Elizabeth Warren, D-Mass.; Raphael Warnock, D-Ga.; Chris Van Hollen, D-Md.; and
The separation of banking and commerce is becoming untenable. As the user experience becomes more digital, the distinction washes out. It all starts to look like data processing, writes Max Bonici, of Davis Wright Tremaine.Adobe Stock There is a pervasive myth that banking and commerce are — and must be — separate in the United