On October 22, the CFPB announced the finalization of its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The rule aims to bring the U.S. closer to an “open banking” framework by making it easier for consumers to switch between financial institutions.
As we have previously reported, there are several CFPB enforcement lawsuits pending in which the defendants have filed motions to dismiss based in whole or in part on the argument that subsequent to September 2022, all funding received by the CFPB from the Federal Reserve Board has been unlawfully received. That is a result of the fact that the Federal Reserve System began then to incur substantial losses after September 2022 which continue to this day with no profits being foreseen in the near future.
Data broker National Public Data has filed for bankruptcy, claiming it cannot sustain the mounting financial and reputational damage associated with a major data breach it suffered in December 2023.
Successful digital transactions are an essential part of business. However, that doesn’t mean that all digital payment solutions used to ensure those transactions go through are created equal. “All payment networks sit on a ton of payments data,” Tine Fincioen, executive vice president for digital transformation at Mastercard, told PYMNTS, “but where we differentiate is how we use our data analytics to identify optimization opportunities.”
On October 21, financial technology experts gathered at the Nebraska Innovation Campus in Lincoln, Nebraska, for the second annual Flyover Fintech conference. Hosted by U.S. Representative Mike Flood, R-Neb., the event spotlighted cutting-edge trends in cybersecurity, AI, and digital assets, with panels exploring innovations in Nebraska’s economy and housing sectors. Here’s a look into the key takeaways from the cybersecurity discussions at the conference.
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