As stablecoins gain broader adoption in the U.S., they will eat into banks’ deposits. As a result, lending in the U.S. may be increasingly funded by the wholesale capital markets, write Mike Cagney and Michael Tannenbaum, of Figure.Adobe Stock The “stablecoin summer” of 2025 is in full swing as the proliferation of stablecoins has gone
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
Comptroller of the Currency Jonathan Gould — serving as OCC General Counsel at the time — authored a 2021 interpretive letter allowing firms with national trust charters to engage in traditional banking activities like payments so long as they are related to the custodial business. Critics say that leeway has spurred more fintechs and crypto
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
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
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
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
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
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.