The CFPB has launched the process for independent standard-setting bodies to receive formal recognition, as part of its efforts to shift towards open banking in the United States....more
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
The HKMA introduces a new data sharing initiative, reported on the central bank digital currency initiative, and outlined regtech plans. The fifth annual Hong Kong Fintech Week conference kicked off with speeches and panels...more
As third-party access to consumer financial data expands, regulators balance innovation, customer choice, and data protection. Consumers’ rights to access and use their personal financial information has been a key focus of...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
Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance. Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...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
The Basel Committee on Banking Supervision has published a report on “open banking” and the use of application programming interfaces. The term “open banking” refers to the sharing and leveraging of customer-permissioned data...more
The proposals would grant consumers increasing rights to require providers to share access to their data directly with chosen third parties. The UK government has released a consultation advocating the introduction of...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