Could the CFPB Open Banking Rule Upend the Payments System?

Also, Hsu takes heat from liberals; FDIC extends comment period on brokered deposits proposal

When the CFPB proposed a new rule to give consumers better control over their financial data last year, traditional banks generally held their fire. Many saw both a challenge and an opportunity in the plan, which would enable people to easily move their accounts. While the change will alter the competitive dynamics across the financial services industry…