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.
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
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
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