FDATA in the News

The CFPB held a gathering this week of bankers, fintechs, consumer groups and others to tackle a key data-sharing issue facing the bureau, and the event provided an opportunity to have it out over a bone of contention.

The pace of technological advancement between now and 2030 could be even more rapid than what we saw over the last decade. The greatest failure, however, will be if Washingon does not change its own culture on financial regulation.

Last month, after more than nine months of consultations with a broad array of stakeholders, the Department of Finance Canada released a report on consumer-directed finance.

Fintech companies argue that giving banks a tight grip over the flow of information will allow the big lenders to snuff out new competitors.

By creating industry-led open banking working groups, the US and Canada are inching their way toward the changes needed to provide the same access to the financial technology tools citizens in other countries do.

The era of open banking, where consumers and small businesses have full control of their financial data, may finally be upon us.

Just when it looked like banks, fintechs and data aggregators had reached a truce over the sharing of coustomer data, a new spat is threatening to resurrect points of contention.

Canada’s FinTech sector has seen steady growth in recent years, and there seems to be more on the horizon with increased collaboration between startups and incumbents.

Fintechs are making waves in the finance services and banking industries, and open banking will be a key factor propelling them to the forefront.