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Money20/20, Blockchain, Brett King, CFPB — Essential Fintech Reading: Oct 22-28

The CFPB Sides With Consumers on Data Aggregation

Richard Cordray, Director of the Consumer Federal Protection Bureau, opposed financial institutions that have cut off access to third-parties who aggregate data for consumers. Cordray said, “Let me state the matter as clearly as I can here: We believe consumers should be able to access this information and give their permission for third-party companies to access this information as well."

This is sure to be an ongoing issue in financial services, but these comments from Cordray pave the way for a win on behalf of consumers who want to see all their financial data in one place. Ryan Caldwell, CEO of MX, is quoted in the article as saying, "At the end of the day, if it's what consumers want, the banks will have to find a way to do it and to be comfortable with it."


Money 20/20 recap: Jack Dorsey, blockchain, and the future of financial services

VentureBeat's Dylan Tweney reviews all the buzz about blockchain at Money20/20, showing that this is a technology that's here to stay and cannot be ignored. "It’s worth pointing out, as several speakers at Money 20/20 did," Tweney writes, "that Bitcoin’s own blockchain has never been compromised in the eight or so years it has existed."


The Invisible Bank of the Future

KPMG recently released a provocative piece and Jim Marous gave a thorough recap in The Financial Brand. One of the more compelling predictions is that the customer view in banking will be "dominated by global technology players" (including Google, Amazon, and Apple). This essentially means, according to KPMG, that the role of financial institutions will be relegated to being behind the scenes.

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Brett King on the Need for Continued Collaboration in Fintech

Brett King writes about the camaraderie that has typically been present within the fintech scene (exemplified in part by his own warm relationship with supposed competitor Simple). He adds that he's started to see that camaraderie disappear slightly and urges people in fintech to rise above their differences, stay mature, and keep working together.


Zero mixes the benefits of credit and debit cards

Business Insider's Nathan McAlone covers the launch of Zero, a company that aims to change the payments industry by cutting marketing costs and offering the type of rewards you'd expect from a credit card with the spending restraints of a debit card. They've strenuously studied the regulations in the space have started to launch their product now (with a waiting list of 50,000 and counting).