Fintech Takes Fintech Recap: Open Banking, BaaS Island, and GENIUS Act Updates
Sep 3, 2025
Delve into the complexities of open banking as new regulations open old wounds about data access and privacy. Discover the fallout from Synapse's bankruptcy and what it means for distressed investors eyeing new opportunities. We uncover the implications of the GENIUS Act, which sets the stage for stablecoins but also presents potential pitfalls. Lastly, explore the intriguing intersection of finance and speculation, where prediction markets and SPACs challenge traditional norms. Buckle up for a whirlwind tour of fintech's latest drama!
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ANPR Reopens Open Banking Wars
- The CFPB's 13-page ANPR reopens core open-banking fights around who may access consumer data and when deadlines shift.
- This creates legal uncertainty that will likely produce more lawsuits and industry fragmentation.
Representative Vs. Fiduciary Is The Pivot
- The debate over 'consumer' versus 'representative' access is pivotal because fiduciary labels would dramatically restrict third-party uses.
- The CFPB seems to be focusing on defining 'representative' as the hinge for future data sharing rules.
Cost-Recovery, Not Profit, Looks Favored
- The CFPB appears to favor allowing cost-recovery fees but not profit-driven pricing for open-banking access.
- Defining 'reasonable cost recovery' will be legally fraught and invite challenges post-Chevron.
