Meredith Fuchs’ Post

Today, the Consumer Financial Protection Bureau issued its proposed 1033 rule, a critical step in assuring consumers of their financial data rights. The proposal will help establish a robust open banking system that will lead to more choice, competition and innovation for consumers in the financial services industry. Creating a consumer-focused financial system has been an underlying principle driving my career, including my time at the CFPB, Capital One, and now Plaid. The power and potential of an open financial system, referenced in today’s announcement, can be achieved with well designed regulations. Today’s rule proposal is crucial to ensuring that digital finance businesses - be they fintechs, banks or other companies offering a financial experience - understand there will be clear “rules of the road” to drive better consumer outcomes. Making it easy for consumers to securely access and share their financial data with the services that work best for them has been at the heart of Plaid’s mission since day one. Today’s announcement from the CFPB reaffirms that open banking in the U.S. benefits consumers, promotes a healthy financial services marketplace, and should be protected by law. As the rulemaking progresses, it will usher in a new, more consumer-centric chapter of financial services in the U.S., and I look forward to the possibilities ahead.