Open banking

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.

Banks sued the Consumer Financial Protection Bureau last year to stop the 1033 open banking rule from taking effect. Now the Trump administration plans to kill the rule.

Citizens reduced screen scraping 95% through application programming interfaces. Now it's extending them to business accounts.

The Financial Technology Association will now defend the Consumer Financial Protection Bureau's open banking rule after the Trump administration sided with banks that sued the agency.

Navy Federal Credit Union is among the financial institutions that see an opportunity to serve the 20% of Americans born between 1997 and 2012.

The Consumer Financial Protection Bureau under President Trump plans to make changes to the rule governing consumer financial data rights despite rare bipartisan support for the regulation.

Through its collaboration with Ozone API, Bespin Global's U.S. branch will offer its bank clients an "end-to-end" open banking solution.