#open banking – Federal Financial Analytics

19 04, 2023

DAILY041923

Eliza Allen2023-04-19T17:26:14-04:00April 19th, 2023|2- Daily Briefing|

Hsu Treads Carefully Into Open Banking

In remarks today, Acting Comptroller Hsu highlighted the liquidity, cybersecurity, and even structural challenges that may arise from open banking. He argues that account portability may lead to heightened retail deposit liquidity risk and increased retail outflows, noting that online and mobile banking may well have facilitated the large outflows experienced by SVB and SBNY. Banks could require new cyber-risk controls due to the increase in volume and complexity of consumer data.

Chopra Expands Anti-Discrimination Campaign

Under heavy fire today from a staff data breach, CFPB Director Chopra nonetheless emphasized the agency’s strong stand against credit discrimination. Building on a recent statement of interest in a filing related to student loan litigation, the Bureau is now not only combatting traditional forms of discrimination, but also the targeting Mr. Chopra describes as reverse redlining across the spectrum of consumer-finance products and every contact point in the credit origination, servicing, marketing, and technology process.

Daily041923.pdf…

FedFin: Consumer Data Rights

Arezou Rafikian2022-11-04T15:47:45-04:00November 4th, 2022|The Vault|

Beginning a long-awaited rulemaking process on the extent to which consumers have rights to their own data and how these rights may be exercised, the CFPB is seeking views on an array of ideas and questions to guide future action. This outline is essentially an advance notice of proposed rulemaking (ANPR) in which the Bureau outlines its initial thinking on key questions such as the extent to which screen-scraping should be allowed, whether new security standards are needed, and when consumers are at risk…

The full report is available to retainer clients. To find out how you can sign up for the service, click here and here.…

DATA3

William Cross2022-11-04T10:36:30-04:00November 4th, 2022|1- Financial Services Management|

Consumer Data Rights

Beginning a long-awaited rulemaking process on the extent to which consumers have rights to their own data and how these rights may be exercised, the CFPB is seeking views on an array of ideas and questions to guide future action. This outline is essentially an advance notice of proposed rulemaking (ANPR) in which the Bureau outlines its initial thinking on key questions such as the extent to which screen-scraping should be allowed, whether new security standards are needed, and when consumers are at risk and the rights and remedies they have following a decision to open their personal data to parties other than the entity that holds key accounts.

DATA3.pdf…