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2 Feb 2024
If I was a fintech or bank and needed to start learning the 1033 open banking rules like they were going to be the law of the land by Fall 2024 (heads up, they are), I would start here: plaid.com/resources/complian…
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Jun 10
Worth some of your time today to watch this extraordinary story and recharge your sense of what America can do
From refugee to entrepreneur, @mlevchin reflects on the experiences and principles that have shaped his career in @CNBC's America: 250 Years Bold series.
bit.ly/4xnX6Ju
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Jun 9
True about stablecoins, true about all finreg policy: "Firms that engage in the rulemaking process now have an opportunity to shape the rules they will operate under. Firms that sit it out will live with whatever others negotiated." openbanker.beehiiv.com/p/sta…
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Jun 2
“When financial institutions are constantly understating and overstating risks for different cohorts of consumers, no one is well served.” openbanker.beehiiv.com/p/ris…
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May 26
This one is for the deepest finreg policy wonk -- a modest proposal for a framework that facilitates an honest debate about what, exactly, "abusive" means in UDAAP. openbanker.beehiiv.com/p/abu…
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May 20
The bank W is that the EO doesn’t require them to collect citizenship data. But the banks are gonna have to hold the L of a Republican administration granting new powers to the CFPB via Executive Order, a precedent I’m sure no Democratic President will happily pile on to.
❗️A CFPB spox tells me it’s already moved forward with its portion of the EO — a sign it plans to wield its new authorities as aggressively as possible.
Officials today submitted a rule for review called “statement on ability to repay and immigration status,” the spox said. semafor.com/article/05/19/20…
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May 19
A rigorous enterprise risk assessment routinely takes six to eight months. The business decisions it is meant to inform are being made in days. How to close this gap, only in @theOpenBanker
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May 14
Today is THE DAY for you to do 3 thing:
1. READ @theOpenBanker on stablecoin yield
2. WATCH the CLARITY markup in the Senate
3. REGISTER for the Open Banker Salon debate on stablecoin yield
openbankersalon.com/register
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John Pitts retweeted
May 12
Here's my modest proposal for addressing the yield issue once it gets to the Senate floor: Let stablecoin issuers pay yield directly while complying with the same rules as banks.
openbanker.beehiiv.com/p/out…
May 12
Banking policy leaders now signaling that if they lose on stablecoin yield at Thursday's Clarity markup, they will ramp up their fight for changes on the Senate floor.
"Thursday is Thursday, and there are 24 members who will opine, and we still have 76 members left to go before this thing is finished," one banking leader told me today.
Alsobrooks Tillis seem poised to stay put with their new yield compromise, however, even though banks don't like it. After banking trades released proposed changes to the deal Friday, an Alsobrooks spox told me the senator stands by her Tillis' earlier statement that they "respectfully agree to disagree" w/ banks on yield.
"It can't be a compromise if both sides don't agree to it," a frustrated banking trade leader also told me today.
The trade leader also threw some shade at crypto for how they've navigated the process.
"We don't debate this on X," they said. "We're very professional. X is really not, you know, the proper place to negotiate this."
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May 12
The first-ever Open Banker Salon (June 5, 2026) features a certain-to-be electric debate on the GENIUS Act. To whet your appetite, this week we are running two pieces on stablecoins by Salon participants. openbanker.beehiiv.com/p/out…
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May 5
I'm incredibly excited to announce that @theOpenBanker will be holding its first Salon, June 5 in Washington DC. Think of it as a live version of the financial policy debates you love from our op-ed pages. You can register here: openbankersalon.com/
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May 5
"[B]anks’ statements about customer profitability are meaningless without understanding how they allocate costs." openbanker.beehiiv.com/p/ind…
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May 4
For the 15 of you closely following the issue: Iowa remains opted-out of DIDMCA, but just raised the state interest rate cap to 36%, making the opt-out essentially moot for any responsible lender: governor.iowa.gov/press-rele…
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Apr 28
"In a rapidly evolving global financial landscape, upgrading the infrastructure upon which the Dollar transacts through expanded participation and competition is paramount to maintaining its preeminent status." Only in @theOpenBanker
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Apr 26
Yup, and lots of merchant adoption still to go. Literal $ on the sidewalk waiting to be picked up
Apr 25
Adding buy-now-pay-later as a checkout option increases order values by 25% on average.
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Apr 21
Did we found Open Banker because we knew it would lead to an @AlexH_Johnson oped comparing prediction markets to the Egyptian god Set? No. Does this article justify the blood, sweat, and tears of the entire Open Banker enterprise? Hard yes: openbanker.beehiiv.com/p/pre…
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