Fintechs See Dire Consequences in CFPB's Open Banking Reversal

Also, CFTC's unusual budget request; Finra gets win at Supreme Court; CFTC enforcement chief quits

Sponsored by Electronic Payments Coalition.

As it waved the white flag in the lawsuit over its open banking rule, the CFPB took a 180-degree turn on an obscure but fundamental legal question: When consumers permit a financial app to access their account data, are banks required to share it?

Many start-ups have been built, in part, on the premise that the …