Yesterday, in a 7-2 vote, the U.S. Supreme Court ruled that the funding structure of the Consumer Financial Protection Bureau is constitutional.
This is a big deal for financial institutions. Even though the agency has been a thorn in the side of many fintechs and banks, if the Supreme Court found it unconstitutional, it would undo more than a decade of work and could mean chaos for the industry.
Now, we can move on with confidence. Whether or not we like the CFPB, its right to exist is now settled.
One of the CFPB’s big new initiatives is implementing its rulemaking on open banking, known as Section 1033.
This will likely lead to a flurry of fintech innovation that will give consumers control over their own data, and that is exciting to me.
Featured
> Supreme Court Ruling on CFPB Paves Path for Open Banking
www.pymnts.com
Reading the Thursday (May 16) Supreme Court ruling upholding the constitutionality of the Consumer Financial Protection Bureau’s funding mechanisms — and ensuring the agency’s survival — takes one through centuries of history. All the way back to England, Parliament and the Crown.
From Fintech Nexus
> Stash announces new B2B offering called StashWorks
By Peter Renton
StashWorks is the new B2B offering from Stash, allowing any employer to add savings and investing as a benefit to employees.
> Generation Z has it tougher than millennials: TransUnion report
By Tony Zerucha
While both Generation Z and millennials are maturing during difficult financial times, TransUnion’s study Solving for Z shows Generation Z has it harder.
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