Tag #Open Banking

Showing 1 to 2 of 2 results

forbes.com

🌐 85% Global Worthiness

Mar 17, 22:12

U.S. Banks Challenge Open Banking, Threatening Consumer Financial Freedom

Major U.S. banks are challenging a 2024 federal rule to restrict consumer access to open banking, limiting use of financial apps by 80% of Americans and potentially harming financial innovation and the U.S.'s global competitiveness.

U.S. Banks Challenge Open Banking, Threatening Consumer Financial Freedom

Major U.S. banks are challenging a 2024 federal rule to restrict consumer access to open banking, limiting use of financial apps by 80% of Americans and potentially harming financial innovation and the U.S.'s global competitiveness.

Progress

56% Bias Score

ShareSaveArticle

Reduced Inequality

12345678

Previous 1 of 8 Next

How will the major U.S. banks' efforts to restrict open banking impact consumers' financial choices and access to innovative financial services?

Major U.S. banks are increasingly restricting consumer access to financial apps, limiting the use of "open banking" which allows users to connect their accounts to third-party services. This impacts 80% of Americans who use such apps for managing money, potentially hindering financial freedom and innovation.

forbes.com

🌐 85% Global Worthiness

Jan 2, 16:13

CFPB Needs Overhaul to Combat Rising Financial Fraud

A Cornerstone Advisors study reveals that nearly 100 million Americans consider fraud, scams, and cybersecurity the top banking issue, prompting calls for the CFPB to refocus its efforts on innovation and fraud prevention rather than regulation, as its current approach, such as implementing Section ...

CFPB Needs Overhaul to Combat Rising Financial Fraud

A Cornerstone Advisors study reveals that nearly 100 million Americans consider fraud, scams, and cybersecurity the top banking issue, prompting calls for the CFPB to refocus its efforts on innovation and fraud prevention rather than regulation, as its current approach, such as implementing Section ...

Progress

56% Bias Score

ShareSaveArticle

Reduced Inequality

12345678

Previous 1 of 8 Next

How do the CFPB's recent actions, such as the implementation of Section 1033, contribute to the problem of financial fraud and scams?

The CFPB's focus on regulation rather than innovation is hindering its effectiveness in addressing financial fraud. A recent study by Cornerstone Advisors reveals widespread public concern about fraud and cybersecurity in banking, while the FTC reports over \$10 billion in fraud losses in 2023. The CFPB's Section 1033 rule, intended to promote open banking, inadvertently increases fraud risks due to the complexities of data management and consumer vulnerabilities.

Showing 1 to 2 of 2 results