Fintech Takes Inside Open Banking’s Rule, Reversal, and Reset
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Aug 20, 2025 Dan Murphy, Founder of Sunset Park Advisors and former CFPB official, shares his insider knowledge about the transformative journey of open banking regulations. He highlights the surprising bipartisan consensus that initially supported the rule and examines how JPMorgan's API fee strategy backfired, uniting various stakeholders against it. The conversation also delves into unresolved issues like data access fees, liability in cases of error, and the future of data portability in a rapidly changing financial landscape.
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Rulemaking Was Exhaustive And Recorded
- The CFPB followed a long, multi-step APA process with public comments and SBRIFA panels to craft the open banking rule.
- That extensive record made the Bureau's later legal flip-flop especially consequential.
BPI Took A Surprising Legal Stance
- The Bank Policy Institute sued on surprisingly fundamental grounds, arguing the CFPB lacked authority for third-party access.
- That claim contradicted prior multi-administration engagement and surprised many stakeholders.
Staffing Upheaval Felt Personal
- Dan described being part of the first wave of CFPB staff who were fired during the agency upheaval.
- He framed the current staffing and clarity problems as an ‘‘unspeakable tragedy.’’