In October 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule intended to encourage “open banking”. “Open banking” is a practice of sharing, with consent, consumers’ banking and financial data...more
The federal consumer protection agency’s proposed rule would give consumers greater control over access to their personal financial information held by banks and credit unions. The CFPB’s stated goal is to increase...more
Open banking is an important driver of the fintech revolution. Regulators have recognised open banking as a means of introducing competition and innovation in the banking sector. Likewise, fintechs are seizing the...more
Under Article 76 of the Law regulating the Financial Technology Institutions ("Fintech Law") financial institutions, money transmitters, credit reporting companies, clearing houses, financial technology institutions and...more
The concept of open banking has been around for much of the 21st century and has been instrumental in creating a host of new banking services. ...more
This post is the fourth and final in a series discussing Open Banking, its implementations, and its implications. In the United States, “open banking” does not yet mean that bank account and transaction data can be freely...more
What is Open Banking? Open banking is a collaborative model in which banks and other similar regulated financial institutions are required to share their customers’ financial data with third parties upon the request of...more
This post is the second in a series discussing Open Banking, its implementations, and its implications. APIs or “Application Programming Interfaces” are everywhere in ecommerce, and they provide the building blocks in the...more