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US OCC's Hsu discusses agency approach to open banking

( April 19, 2023, 19:14 GMT | Official Statement) -- MLex Summary: US Office of Comptroller of the Currency Michael J. Hsu issued remarks at FDX Global Summit concerning the agency’s approach to open banking. Hsu highlighted that banks will increasingly need to interact with aggregators, fintechs, technology firms, and competing banks, protecting consumers’ financial data as well as their money. “While this may bring significant benefits to consumers and generate new avenues of value creation, it will also likely raise accountability challenges when mistakes are made and consumers are hurt, especially as the set of players in the space grows and proliferates,” Hsu said.See document below. ...

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