The big takeaway: As the CFPB finally takes on the open banking challenge, it appears its first attempt is incomplete. The agency’s next outlined step is to propose an open banking rule later this year, and then implement it in 2024. But with so many concerns still up in the air, the CFPB might need to re-evaluate the scope and timeline. That could spell further new regulation for the already busy CFPB, which may not be prepared for the extra responsibility and strain on resources.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.