Evan Weinberger

JPMorgan Reopens Fight With Fintechs, Crypto Over Customer Data In late 2024, US regulators put an end to a longstanding fight between banks and technology companies over control of their customers’ financial data: Customers have the right to demand, download and ...

The indomitable Paige Smith and I took a deep dive into the ever-changing, yet still static, fight between banks and fintechs over financial data, and a CFPB that appears to have been caught off guard about the consequences of its actions.

news.bloomberglaw.com/banking-law/...

Also! An ANPR doesn't mean that the CFPB is on top of things. An advanced notice of proposed rulemaking is basically just a set of questions. It's really the beginning of the rulemaking process. It's going to be years before the CFPB can get a final rule done (again, if they do it right).

This, of course, raises a serious question. The CFPB says it's going to have an advanced notice of proposed rulemaking out in three weeks (assuming they can): Who's gonna write it? AI? There's very few people left at the agency?

Here's the story from the mighty Paige Smith (who I don't believe is here) and me: news.bloomberglaw.com/banking-law/...

Story TK shortly.

CFPB Official Questions JPMorgan Fees for Customer Data Access At least one political appointee at the Consumer Financial Protection Bureau is raising concerns about fees JPMorgan Chase & Co. plans to charge data aggregators and financial technology companies for...

I reported a few weeks ago that at least one top CFPB official was questioning the agency's move to vacate the rule. Now Crypto Czar David Sacks and Don Jr. (and a Winklevii) have piped up with concerns about the move and its opening to new fees.

news.bloomberglaw.com/banking-law/...

Quick update on the CFPB open banking litigation as the fight over JPMorgan data fees chugs along:

The CFPB says that it's going to put out an advanced notice of proposed rulemaking to update the rule and asked the court to put litigation over the rule on hold while the process plays out.

Spoiler: It's my living room.

Also, the cats keep eyeing the turtle like they're plotting how to get in there to eat Master Ugwe. There's a top on the tank, fortunately.

a giant turtle is standing next to a pole in the desert . ALT: a giant turtle is standing next to a pole in the desert .

My kid's friend named the turtle Gamera, but my boys opted for Ugwe. Alas.

My older son is turtle-sitting his best friend's turtle for the month, and we had to put the tank near where I work at home.

Master Ugwe is much more active than I figured he'd be, but it's also a bit distressing to watch him repeatedly swim into the tank wall like he's surprised it's there.

Didn't post this on Friday night, but the DC Circuit (unsurprisingly) stayed the reinstatements of Todd Harper and Tanya Otsuka to the NCUA board.

This has turned into a very normal NCUA board meeting. Take that in any way you'd like.

Harper made a joke about whether he missed anything over the last three months.

"Todd is that really you?" Chairman Hauptman asked (Harper's on video and they're talking about AI).

Everyone had a good laugh.

Also, I think we all need to marvel at my quality telestrator work. I'm truly the emperor of the telestrator.

The livestream kicked in after Chairman Kyle Hauptman started talking, so we heard about newly chartered credit unions doing great.

So I don't know if he addressed the whole deal.

On Tuesday, a federal judge in Washington reinstated Todd Harper and Tanya Otsuka, two Democratic NCUA board members Trump fired.

On Wednesday, the judge denied a motion to stay the ruling.

On Thursday, everyone's at the NCUA board meeting. And everyone looks thrilled!

By the way, there's an NCUA board meeting tomorrow morning. The judge in the case denied a request to stay his ruling ahead of it.

This might be the most interesting NCUA board meeting ever.

There is an increased threat environment for public officials. We've seen it. It's not great out there. But OMB just got an extra $100 million to play with in the reconciliation bill that hamstrung CFPB funding.

No other former CFPB director who's been in place for more than a week has had a security detail. (The Treasury Secretary gets one, but Bessent only led the CFPB for a few days.)

It's not normal for an Office of Management and Budget director to have one, either.

CFPB Paying Nearly $5 Million for Vought’s Security Detail (1) The Consumer Financial Protection Bureau is sending nearly $5 million to the Office of Management and Budget to pay for a security detail for Russell Vought, who currently leads both agencies.

Congress just slashed the CFPB's budget. The acting director hasn't asked the Fed for any money since he took over in February.

So obviously the CFPB is going to pay nearly $5 million for Russell Vought's security detail. news.bloomberglaw.com/banking-law/...

I updated the story after my social media clock expired. So here's the full story. Trump administration already filed its notice of appeal.

news.bloomberglaw.com/banking-law/...

Don't sleep on "The Wizard" (track 2 of the first album). It rocks.

Judge Reinstates Democratic Credit Union Officials Trump Fired A pair of Democratic board members at the National Credit Union Administration were reinstated to their posts after a federal judged ruled President Donald Trump fired them unlawfully.

New from me: A federal judge reinstated two Democratic NCUA board members that Trump fired in April. More TK: news.bloomberglaw.com/banking-law/...

I don't think people have spoken enough about what appears to be The Thing's stone beard in this shot from the movie.

What do you use to shave a stone beard?

Stablecoin Bill Adds to OCC’s Workload as Trump Team Cuts Jobs A key federal banking regulator is set to receive a wave of charter applications under stablecoin legislation heading to President Donald Trump, potentially stretching the agency’s capabilities even a...

Now, on to the OCC and stablecoins. With the GENIUS Act heading to Trump, the national bank regulator is going to have to deal with new charter applications.

And it's going to have to do that with a shrunken workforce.

news.bloomberglaw.com/banking-law/...

Is it likely they say never mind, we'd like to keep this thing to the judge in Kentucky? No. But is everyone on board? Maybe not.

CFPB Official Questions JPMorgan Fees for Customer Data Access At least one political appointee at the Consumer Financial Protection Bureau is raising concerns about fees JPMorgan Chase & Co. plans to charge data aggregators and financial technology companies for...

I was tied up most of the morning, so I didn't get a chance to post these two stories.

Anyway, it looks like there may be some second thoughts in some corners of the CFPB about moving to vacate the open banking rule now that the fees are getting real.

news.bloomberglaw.com/banking-law/...

The vote is still open, so I guess there's a chance for some strong-arming and vote switching. But it appears that the rule to vote on crypto bills is in trouble in the House again.