Open banking

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.

A district court judge this week has denied allowing four groups — the American Fintech Council, Financial Data and Technology Association, Financial Health Network and Public Citizen — to file legal briefs in support of a rule on financial data rights.

The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.

The data aggregator intends to continue sharing data with Envestnet and U.S. banks after the acquisition.

The bank, which has spent years building an advanced data sharing system, says market forces will drive the project more than political support.

Speakers at American Banker's Digital Banking Conference discussed financial technology trends including digital assets, cybersecurity and open banking.

The Consumer Financial Protection Bureau and Bank Policy Institute filed twin motions for summary judgement to strike down a 2024 agency rule for being arbitrary and capricious and exceeding statutory authority.

As banks standardize their data in anticipation of the rise of open banking, they're turning to common formatting standards, including from the FDX.

Although the Trump administration is abandoning the CFPB's rule 1033, there are still a number of security standards to follow.