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In an interview with PYMNTS at the end of last year, Dave Fortney , executive vice president of Product Management and Strategy at The Clearing House (TCH), said that historically, only the largest banks have had the resources — and the time — to develop and deploy APIs. Smaller FIs have been left at a competitive disadvantage.
As reported, the Consumer Financial Protection Bureau (CFPB) is starting the rule-making process that may help determine and standardize what data can be shared, when and between which parties. A document released by the CFPB specifically mentions implementation of Section 1033 of the Dodd-Frank Act.
That’s how many comments have been received by the CFPB reacting to their proposed rule-making which would, more or less, legislate the industry out of existence. The CFPB, newly emboldened over their bit Wells Fargo exposure, also just levied a hefty $6.3M Yeah, maybe the buzz over bots is getting, well a little too buzzy. Better not.
According to data from The Clearing House [TCH] for the third and fourth quarters of 2022, DailyPay’s transactions make up one-tenth of all RTP payments. Most employees receiving payments through DailyPay opt for faster payouts, according to Rob Nardelli, director of DailyPay’s commercial banking and business development.
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