Open banking

Huntington is among the banks investing in technology that embeds payments and financial services into nonfinancial functions — a move designed to counter the encroachment of digital wallets and fintechs.

The bank and fintech entered an agreement to expand open banking ahead of the CFPB's new 1033 rule and announced joint fraud-combatting product improvements.

American Banker research highlights growing concerns about an economic downturn, regulatory volatility and open-banking risks.

The credit score firm partnered with Plaid to bring additional cash-flow data into its previously released UltraFICO score.

The credit reporting bureau released a new model that combines traditional and alternative credit history with cashflow data into a single score lenders can use for underwriting decisions.

The banks want the pay-by-bank provider to use application programming interfaces to protect consumers, they say.

In comment letters on the Consumer Financial Protection Bureau's new rulemaking on personal financial data rights, consumers begged the agency to protect their data from misuse.

The American Fintech Council urged a federal court to deny requests by banking groups to stay the Consumer Financial Protection Bureau's open banking rule compliance dates while litigation is ongoing.

The payment company claims the bank is trying to "take advantage" of uncertainty around open banking regulations.

Financial technology veteran Steven Pinado, who assumed the fintech's top role this week, says the demand for an easy checkout experience will drive growth.

The card brand is reportedly focusing on other markets amid uncertainty in U.S. regulations and as banks consider fees for data sharing.

The Consumer Financial Protection Bureau initiated a new rulemaking process for its open banking rule with a focus on who can serve as a representative for the consumer and whether banks can charge fees to third parties for consumer data.

Consumer advocates are urging lawmakers to hold hearings on the Consumer Financial Protection Bureau's new open banking rule and whether Congress authorized banks to charge fees for data access.

Bank trade groups have asked a federal court to halt enforcement and extend compliance dates for the Consumer Financial Protection Bureau's open banking rule that was enacted during the Biden administration. The move comes as the lobbying fight over how the rule will be rewritten intensifies.

The bank is using data sharing technology from Mastercard to enable salaries and recurring bills to be onboarded without the manual steps involved in changing accounts.