Apple, Banks Clash Over Open Banking Data Access Rules
The Consumer Financial Protection Bureau’s proposed open banking rule has sparked intense debate among financial institutions, tech giants and fintech companies. Recent filings reveal deep divisions over data access fees, security responsibilities, and which companies should be covered by the new requirements.
Industry Giants Square Off Over Financial Data Access
The Consumer Financial Protection Bureau is facing a regulatory minefield as it tries to craft new open banking rules. Recent analysis of public comments reveals fundamental disagreements between banks, technology companies, and fintech firms about who should control consumer financial data and under what terms.