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Location
San Diego
Member since
2022
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Retail banking Financial inclusion Identity Financial Crime

Raj's blog archive

2022 (1)
Raj Dasgupta

Raj Dasgupta

Director, Global Advisory at BioCatch
Message Message me Posts: 1 Comments: 1

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Banking Strategy, Digital and Transformation

CFPB Open Banking Rule – Examining Privacy and Security

26 Jul 2022

The development of the Consumer Finance Protection Bureau’s (CFPB) “Open Banking Rule” is causing concerns in the world of financial services. The CFPB’s new focus on open banking is part of the efforts to expand consumer data sharing, a move designed to allow consumers more flexibility in picking services, as well as breaking down barriers to swi...

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CFPB Open Banking Rule – Examining Privacy and Security

  Good catch on the typo in the title, thanks! Open Banking, in a quasi form, has been in practice in the US for many years, e.g. the likes of Yodlee (going back to as early as 1999), Intuit/Mint, MX, Finicity, etc. However, U.S. banks today are not required to provide account access to 3rd party aggregators or have APIs exposed for anybody to have access to their customer data. They allow it since consumers demand it, but they do it on a case by case basis - there are just a few aggregators in the U.S. and their service is used by many other application developers. Banks don't make the access available by design. Open Banking is expected to change that. Hope that makes sense. FYI, I have worked for both Yodlee and Intuit/Mint.

27 Jul 2022 Reply Read article