Data sharing

The nation's largest bank is planning to implement fees for access to data that has traditionally been provided free of charge. Data aggregators and fintechs accused JPMorgan of exploiting regulatory uncertainty and raising prices for consumers.

As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.

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

President Trump's first administration laid the foundation for open banking in the United States through market-oriented principles. His second administration now has the opportunity to build upon this foundation.

Experts at American Banker's Payments Forum said health care, fintech and even gaming are emerging as popular uses for checkout and other financial services that integrate directly into digital commerce platforms.

Open banking offers immense opportunities for the industry and the consumers it serves, but it will only deliver on this potential if banks proactively build customer trust and work together to assure standardization.

Through a partnership with Axway, the bank aims to provide API-based data sharing and develop new products that leverage open banking.

An industry lawsuit seeks to undermine a rule put forward by the Consumer Financial Protection Bureau that would make it much easier for consumers to manage their own financial health.

The industry should rally behind the Financial Data Exchange, which has stepped up to help develop standards and governance protocols for open banking in the United States.

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.

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 Consumer Financial Protection Bureau needs to do more to enhance security while making it easier for consumers to share data.

The agency's rule represents real progress, but applying it to more kinds of accounts and making other common-sense changes would increase its already significant benefits to consumers.

The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.

People love the convenience of nonbanks' financial apps. Regulators could make it much safer for them to share their data with third parties.

The cost and scope of data sharing were among bankers' top complaints, while fintechs would like fewer restrictions, a report by the Consumer Financial Protection Bureau found. 

The U.S. should look abroad for innovative solutions to the problem of assessing the creditworthiness of borrowers with little formal credit history.

SNAP recipients need easy and reliable access to their account balances and transaction histories. The Consumer Financial Protection Bureau ought to clear the way and let that happen.

Open data could be a game changer for small and medium-sized businesses. We need a regulatory structure that recognizes this.