The final rule on open banking is expected to be issued any day now by the Consumer Financial Protection Bureau. Banks have raised a host of concerns about liability, fraud and oversight of third-party fintech partners.| American Banker
JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.| American Banker
Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.| American Banker
The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.| American Banker
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.| American Banker
