Who owns the customer

Open Banking? More like Open Opposition: 1033 pushes fintechs, banks to take sides

  • CFPB's Director Chopra expects the new proposal on open banking to increase competition, but a survey of industry participants shows that not all players are on the same page.
  • As the end of the comment period on the proposed rules approaches, both banks and fintechs are claiming to safeguard consumer interest better than the other. 
Rabab Ahsan | December 08, 2023
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Open Banking? More like Open Opposition: 1033 pushes fintechs, banks to take sides

 

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Open Banking and its odd three-body problem

  • Both banks and fintechs are trying to shift the tide of the Open Banking 1033 regulation in their favor, with banks like Wells Fargo and PNC insisting that fintechs go through bank-backed providers like Akoya for data sharing requests. On the other hand crypto fintechs are requesting the White House to rule in the favor of a fee-free 1033 regulation.
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Who owns the customer

What’s going on in Open Banking?

  • The Open Banking rulemaking has gone through some major rehauls, with the new administration gutting the CFPB as well as proposing changes that would require fintechs to pay for data access.
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