WSJ: CFPB’S open banking rulemaking muddled by dated finance laws
A growing consensus that the Consumer Financial Protection Bureau should create regulations on ensuring consumers’ safe sharing of their bank data with finance apps, such as Venmo and Mint, isn’t making the agency’s job any easier.
The Consumer Financial Protection Bureau faces challenges in deciding how to apply a maze of dated consumer finance laws—aimed at protecting consumers from data breaches, flawed credit reports, and fraudulent transactions—to the new world of open banking, a system that lets third parties develop software and other services around financial institutions.
FTF: SIFMA’s Bentsen outlines CAT data-collection concerns
SIFMA president and CEO Kenneth Bentsen, explains the group’s concerns on the data collection aspect of the Securities and Exchange Commission’s consolidated audit trail. In a wide-ranging interview, Bentsen broadly welcomes the advent of the CAT but points out SIFMA members have no control over protection of customer data they must supply, yet they could be held liable for any data breach, which he says is “unfair and unpalatable.”