Visa, the largest U.S. card network, regularly faces challenges to its business in the regulatory realm. Therefore, it’s a rarity to hear the company’s CEO complimenting a CFPB action. In this case, he was commenting on open banking, a trend that has swept across Europe and is catching on in the U.S. as a means for consumers to allow their personal data and financial information to be used across different financial services providers.
Fintechs have driven the trend by providing innovative tools to consumers, letting those customers draw their financial information away from legacy players such as Visa in some cases.
