The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.| Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau's open banking rule is supposed to put small banks on a more even footing with their larger rivals. But PNC CEO Bill Demchak says larger banks' advantages in tech and economies of scale will win the day.| American Banker
Consumer Financial Protection Bureau Director Rohit Chopra says that a recently proposed data-access rule would provide a competitive edge to small banks over their larger competitors.| American Banker
The Consumer Financial Protection Bureau issued a final rule pursuant to its broader open banking proposal Wednesday that would require standard-setting bodies to include public interest consumer groups and others to receive bureau recognition.| American Banker
Data security has risen to one of the most important topics in IT, as organizations face growing threats against their systems and data from both internal and external sources.| American Banker
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
Director Chopra discussed the CFPB’s proposed rule to activate a dormant authority under a 2010 law to accelerate much-needed competition and decentralization in banking and consumer finance by making it easier to switch to a new provider.| Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data.| Consumer Financial Protection Bureau