The fight over the CFPB’s status and, in particular, the future of Open Banking Rule 1033 is on. A Washington, D.C.-based trade group, the Financial Technology Association (FTA), is seeking to intervene in a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final rule on personal...
President Trump has named a new CFPB director while the agency faces an uncertain future. Jonathan McKernan, who was until recently a director on the board of the Federal Deposit Insurance Corp. (FDIC), has been tapped by Trump to oversee the Consumer Financial Protection Bureau...
The Trump administration is reportedly considering plans to shrink one of America’s banking regulation bodies. These talks propose folding the Federal Deposit Insurance Corp. (FDIC) into the Treasury Department, the Wall Street Journal reported late Tuesday (Feb. 11), citing sources familiar with the matter. In...
One of America’s main financial regulators has a new acting director. Treasury Secretary Scott Bessent announced Friday (Feb. 7) his plans to appoint Rodney Hood to serve as the first deputy comptroller for the Office of the Comptroller of the Currency (OCC). In this position,...
February 12, 2025
The fight over the CFPB’s status and, in particular, the future of Open Banking Rule 1033 is on. A Washington, D.C.-based trade group, the Financial Technology Association (FTA), is seeking to intervene in a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final rule on personal financial data rights, commonly known as Rule 1033. The FTA’s […]
February 05, 2025
Beware the dangers of regulatory “overreach” and a one-size-fits-all approach to community banking oversight, several industry participants testified at a Capitol Hill hearing Wednesday (Feb. 5). The 119th Congress has...
January 09, 2025
The news this week that the Consumer Financial Protection Bureau (CFPB) has recognized Financial Data Exchange (FDX) as a standard-setting body — to help determine how permissioned financial data will be...
January 06, 2025
There has been a quiet uproar happening in the crypto space, and it’s not bitcoin’s surging price. Rather, it is the ongoing accusations by U.S. crypto exchange Coinbase, as well...
February 13, 2025
Congressional Review Act (CRA) resolutions introduced Thursday (Feb. 13) in the U.S. House and Senate would overturn the Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees. The resolutions were introduced by House Financial Service Committee Chairman French Hill, R-Ark., and Senate Banking Committee Chairman Tim Scott, R-S.C., according to Thursday press releases. “The […]
February 12, 2025
President Trump has named a new CFPB director while the agency faces an uncertain future. Jonathan McKernan, who was until recently a director on the board of the Federal Deposit...
February 12, 2025
The Trump administration is reportedly considering plans to shrink one of America’s banking regulation bodies. These talks propose folding the Federal Deposit Insurance Corp. (FDIC) into the Treasury Department, the...
February 09, 2025
One of America’s main financial regulators has a new acting director. Treasury Secretary Scott Bessent announced Friday (Feb. 7) his plans to appoint Rodney Hood to serve as the first...