EU banks will soon start sharing customer account data with all third parties their customers approve. Very few U.S. banks have latched on to this concept. Here’s why.
An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products.
Readers react to the CFPB director shake-up, applaud honorees of American Banker’s annual banker awards and weigh in on the heated financial data debate.
The most important policy question facing banking, brokers and insurance companies is putting a framework in place that very quickly defines data ownership rights across the financial value chain.
Some fintechs argue that banks are selectively working with only certain third parties in sharing information and violating the spirit of the CFPB’s data-sharing principles.
Following in the footsteps of Chase, Wells Fargo and others, Fidelity is launching an application programming interface to let third-party apps access customer data — as long as the customers grant permission.
Readers chime in on the idea of a state-backed bank to serve the cannabis industry, data-sharing between banks and fintechs, whether community banks can just focus on tech laggards, and more.
