The Consumer Financial Protection Bureau issued a rule designed to place control of personal financial data into the hands of consumers.
Part of the evolving open banking landscape, the rule promises to make it easier for individuals to manage who accesses their critical banking information. Inspired by Europe's early standards, the CFPB seeks to streamline consumer data sharing across U.S. financial service providers. However, despite support from some merchants who see potential in reducing reliance on credit card fees, the new rule has met fierce opposition.
Bank advocacy groups and privacy advocates voiced concerns about data security and the practical implications for financial institutions. Payments leaders emphasized the need for consistent standards to enhance security and consumer experience. The lead article in this issue explores what this rule means for financial service providers, merchants and consumers alike.
Open banking goes hand in hand with the digital payments revolution taking place across the United States, a topic one of our contributors explores within these pages. Other topics addressed by industry experts include the need for folks who believe self-attended solutions are years away to wake up, because these solutions are already embedded in the fabric of our lives; the FDIC's response to the Synapse bankruptcy by proposing requirements that would substantially alter the oversight, recordkeeping and reconciliation required by banks partnering with fintechs; and the basics of cash advance products provided as a primer for those new to the industry and a refresher for seasoned professionals.
News stories we've highlighted include an expected increase in U.S. year-end holiday spending, which the NRF credits to a strong job market and consumer flexibility across shopping channels; Visa's partnership Analytic Partners to provide U.S. merchants with AI-driven data analytics to enhance marketing spend efficiency and growth; a report from Nacha noting a 67.5 percent increase in same-day ACH transactions, totaling $844 billion in the third quarter of 2024; an ACI Worldwide report predicting real-time payments will add $285.8 billion to global GDP by 2028; an interview with Bluefin's Tim Barnett on payment security challenges; and Walmart Business adding Fiserv's Clover POS with rebates and incentives to its offering.
Be sure not to miss the profiles, updates and other features included to help empower you in your payments career. If you have news to share, please send a press release to press@greensheet.com. Also, we will welcome your feedback at greensheet@greensheet.com. 
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