Open banking? More like open opposition: 1033 pushes fintechs, banks to take sides

As featured in Tearsheet:

The shift towards Open Banking in America has mostly been market-led, but regulators are finally entering the space and mapping a blueprint. The CFPB released its first proposal to implement Section 1033 of the Consumer Financial Protection Act in late October. The CFPB said its motivation behind the rulemaking was to level the playing field and counteract banks and traditional FIs stymying competition by making it difficult for consumers to transfer their data.