Hey all, Jason here.
Alex Johnson, creator of the Fintech Takes newsletter, and I are happy to bring you the latest episode of our monthly podcast, Fintech Recap, where we unpack some of the biggest stories in fintech, banking, and crypto.
In this episode, we discussed:
The revelation that JPMorgan Chase intends to begin charging third-parties, including aggregators like Plaid and MX, to access consumers’ data rocked the U.S. fintech landscape last week. Alex and I unpacked what it could mean.
Since we recorded this last week, a group of trade associations, including the Financial Technology Association and the American Fintech Council, sent a letter to President Trump, essentially asking him to reconsider the CFPB’s position to abandon defense of the rule (I covered this on Sunday here.)
In a surprising turn of events, the CFPB filed a motion in the challenge brought against the rule by a small Kentucky bank, the Kentucky Bankers Association, and the Bank Policy Institute, asking the court to pause the proceedings.
The CFPB said it will undertake a new open banking rulemaking and expects to release an advanced notice of proposed rulemaking within the next three weeks, kicking off an “accelerated” rulemaking process. Stay tuned for Sunday, where I’ll unpack the latest developments and what they mean for open banking.
Meanwhile, GENIUS, which regulates stablecoin issuers, is now law: what’s next for the industry, banks, custodians, and consumers?
And, as always, what Alex and I just can’t let go of.
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