Fintech
Fintech Nexus Newsletter (May 17, 2024): Supreme Court Ruling Confirms CFPB’s Constitutionality
Yesterday, by a vote of 7-2, the Supreme Court of the United States governed that the funding structure of the Consumer Financial Protection Bureau is constitutional.
This is a big problem for financial institutions. While the agency has been a thorn in the side of many fintechs and banks, if the Supreme Court rules it unconstitutional, it would undo more than a decade of work and could spell chaos for the industry.
Now we can move forward with confidence. Whether we like the CFPB or not, its right to exist is now established.
One of the CFPB’s big new initiatives is the implementation of the open banking regulation, known as Section 1033.
This will likely lead to a wave of fintech innovation that gives consumers control over their data, and that’s exciting to me.
In the foreground
> Supreme Court ruling on CFPB paves way for open banking
Reading Thursday’s (May 16) Supreme Court ruling upholding the constitutionality of the Consumer Financial Protection Bureau’s funding mechanisms – and ensuring the agency’s survival – takes us through centuries of history. Up to England, to Parliament and to the Crown.
From the Fintech Nexus
> Stash announces new B2B offering called StashWorks
By Peter Renton
StashWorks is Stash’s new B2B offering, allowing any employer to add savings and investments as an employee benefit.
> Generation Z Has the Hardest Life of Millennials: TransUnion Report
By Tony Zerucha
While both Generation Z and Millennials are maturing during tough financial times, TransUnion’s Solving for Z study shows that Generation Z has it tougher.
Podcasts
Brendan Carroll, co-founder and senior partner at Victory Park Capital, on the growth of private credit
The co-founder of Victory Park takes us through the history of asset-backed lending, how the industry grew and what…
Web seminar
Instant Payment Orchestration: Now an essential tool for lending and factoring
June 5, 2pm EDT
In today’s on-demand economy, instant payments are transforming from a nice-to-have to a must-have. In the small business space,…
Also make news
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.