Opinions

Industry groups and consumer advocates are joining forces in support of  proposed regulatory changes.

The danger for the central bankers is that "they go too fast or too slow and that risk is higher now than it was six months ago," BofA Chief Executive Brian Moynihan said.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

Goldman Sachs Group is expected to pay a fine tied to a Consumer Financial Protection Bureau probe into its credit-card business, according to a person with knowledge of the matter.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

While trade groups representing Oklahoma banks argue the failure of Oklahoma-based First National Bank of Lindsay is an isolated incident, some in the industry say it may be a sign of more collapses to come.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.

The Federal Open Market Committee is expected to cut interest rates at its September meeting, which will also provide a new Summary of Economic Projections. Marvin Loh, senior macro strategist at State Street Global Markets, will join us on September 19 to examine the meeting, the SEP and Fed Chair Powell's press conference.