The fintech sector’s outrage at plans to ditch open banking rules is “totally hypocritical,” says Adam Turmakhan, CEO of TurmaFinTech, who argues providers have been holding US community banks “to ransom” over their customer data for years.
Turmakhan’s intervention follows reports that the CFPB will propose a new version of open banking rules following the fintech sector’s fury at plans to scrap them altogether.