When the CFPB launched their long-awaited proposal on open banking guidelines in October there was cautious optimism from each banking and fintech teams.
Quick ahead two and a half months, when everybody has had an opportunity to completely digest the 299-page proposed rulemaking, there are numerous options for enchancment. With the 60-day remark interval ending this week, the CFPB has obtained over 11,000 feedback.
American Banker has a good roundup of the feedback from most of the main banking and fintech commerce teams.
A number of points have been entrance and heart. Whereas everyone seems to be supportive of the idea of customers having extra management over their very own knowledge how that’s achieved could be very a lot up for debate. Ought to or not it’s an opt-in or opt-out system?
Banking teams balk at the price of implementing the info sharing expertise and need a degree taking part in discipline. Fintechs don’t need the identical restrictions utilized to nameless knowledge arguing that may stifle innovation.
The CFPB has a variety of studying to do now because it considers all these feedback and appears to make a closing rule someday later this 12 months.
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