Horacio Mendez is the president and chief executive officer of the Chicago-based Woodstock Institute, a 52-year-old research and policy institute focused on economic security and financial systems evolution for low- and moderate-income individuals and communities.
The benefits of open banking are obvious and significant for consumers — especially those underserved by the current marketplace. Bankers and regulators should work to speed up its implementation.
The Consumer Financial Protection Bureau has taken an important step in saying that it would work to root out unfair practices in all banking services. This is will help ensure all customers are treated fairly.
Bank regulators are considering a measure that would rewrite the rules implementing the Community Reinvestment Act. They should consider taking their existing rules seriously.