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Open Banking Fee Fight, Revolut's Bank Charter & Fed Rate Shock
Audio is available on Spreaker — see link below.
The CFPB's revised Section 1033 rule puts data access fees back on the table, reshaping the cost structure for fintech startups and aggregators. Plus: Revolut files for a US national bank charter, and a surprise jobs miss flips Fed rate expectations overnight.
Audio is available on Spreaker — see link below.
The CFPB just reignited one of the most contested fights in US fintech. On August sixth, the bureau submitted a revised Section 1033 open banking rule to OIRA, and the core change is this: data access fees are back on the table.
The signal here is competitive architecture, not just compliance. Larger fintechs with high transaction volumes, think account aggregators or neobanks pulling data across dozens of institutions, could face meaningful incremental costs.
Elsewhere, Revolut has formally applied for a de novo US national bank charter with the OCC and FDIC. The seventy-five billion dollar fintech is making a direct play for full banking infrastructure in its largest growth market.
On macro, the July jobs report delivered a clear shock. The US economy lost twenty-three thousand jobs unexpectedly, flipping Fed rate probability from a forty-five percent chance of a hike to a fifty-six percent hold expectation.
Two regulatory signals worth watching on the global side. The European Supervisory Authorities issued a joint statement calling for enhanced AI governance of frontier models across EU financial services under the DORA framework.
The near-term focus is straightforward. Watch OIRA's review of Section 1033 for fee cap language, that's where the competitive stakes for fintech get set.
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