Today is the deadline for a comment period that will reconsider the implementation of open banking rules mandated by the Dodd-Frank Act. After more than a decade, those rules were briefly finalized under the Biden administration. Then, in August, the Trump administration’s Consumer Financial Protection Bureau hit the reset button. The FTA’s comment letter, which you can read here, shows a significant swath of industry support for preserving key parts of the Biden administration’s original approach to open banking — unless you’re a bank.
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