The bank is leaning on its direct API relationships with the major data aggregators rather than letting third parties ask customers for usernames and passwords to access account information.
The bank is the first U.S. one approved for a majority-owned securities unit in China; the FSB said banks must get serious about replacing the benchmark.
The Federal Reserve and Federal Deposit Insurance Corp. found issues with the firms' ability to compile data on how they would be unwound during a period of financial stress.
But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.
The regulatory action from the Federal Reserve was one of two U.S. Bank received for its dealings with a payday lender who was later convicted of fraud.
