August 11, 2025

Regulation and compliance

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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Funds

HUD ordered to resume fair housing funds distribution

The Department of Housing and Urban Development has been ordered by a federal judge in Washington to resume distribution of Fair Housing Initiatives Program funds. Judge Sparkle Sooknanan issued a temporary restraining order Monday in the case brought by the National Fair Housing Alliance and the Tennessee Fair Housing Council. The suit was filed in

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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

Judge blocks briefs supporting CFPB open banking rule

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

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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

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

How banks are getting their data ready for open banking

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

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Banking

Here’s what banks must do to secure open banking data

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

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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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