ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

Biden Order Calls for Movement on Data Access Rule, Review of M&A Rules

July 9, 2021
Reading Time: 2 mins read

President Biden today issued a wide-ranging executive order on competition issues across the U.S. economy. Among provisions related to the financial services industry, the order calls on the Consumer Financial Protection Bureau to complete its implementation of Section 1033 of the Dodd-Frank Act and to enforce the prohibition on unfair, deceptive or abusive acts and practices consistently with Section 1031 of Dodd-Frank. The order also calls for the Justice Department and federal banking regulators to review current policies on bank mergers and for the Treasury Department to report on the effects of large tech companies’ and other nonbanks’ entry into financial services.

The CFPB last fall issued an advance notice of proposed rulemaking on Section 1033, which addresses consumers’ rights to access and control information about their accounts. “ABA and our members fully support customers’ ability to access and share their financial data in a secure, transparent manner that gives them control,” said American Bankers Association President and CEO Rob Nichols. “We have been working with the CFPB since 2017 on how to ensure consumers remain protected when they share their financial data outside of the secure banking ecosystem. The bureau’s early decision to establish guiding principles has allowed banks and technology companies to collaborate on tools that are already facilitating access to financial data in a way that protects and empowers consumers.”

As regulators and the Justice Department “revitalize” M&A oversight pursuant to the order, Nichols added that ABA “will continue to call for updating merger review guidelines to finally consider nonbank competitors, such as fintechs and credit unions, that account for a growing share of the financial services marketplace, yet don’t have to meet bank requirements for compliance and community investment, and in some cases don’t even have to pay federal taxes.”

Nichols added that “if the administration wants to see competition in action, the nation’s banking sector is a good place to start. The U.S. has the deepest and most diverse banking system in the world, with nearly 5,000 banks of all sizes, charters and business models who compete for business every day. The depth and resilience of today’s banking industry was on full display during the pandemic, as banks of all sizes provided unprecedented support to their customers, communities, and the broader economy, while also meeting their rigorous regulatory obligations.”

ADVERTISEMENT
Tags: CompetitionCustomer data accessDodd-FrankMergers and acquisitions
ShareTweetPin

Related Posts

CFPB urges states to ban ‘junk fees,’ revamp consumer protection laws

Agencies update host-state loan-to-deposit ratios

Compliance and Risk
May 12, 2025

The federal banking agencies issued updated host-state loan-to-deposit ratios that they will use to determine compliance with Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act.

ABA, associations urge Congress to overturn CFPB credit card late fees rule

Federal budget reconciliation tax package includes ACRE Act, other ABA priorities

Ag Banking
May 12, 2025

Congressional leaders unveiled a federal budget reconciliation tax package that contains several banking industry priorities, including language to expand access to affordable real estate credit in rural areas, as championed by ABA.

Report: Republicans push back against proposed cuts to CDFI Fund

Report: Republicans push back against proposed cuts to CDFI Fund

Community Banking
May 12, 2025

Several congressional Republicans say they do not support a proposal by President Trump to redirect funds away from the CDFI Fund.

ABA, associations: Proposed tax bill will help U.S. companies with foreign rivals

ABA, associations: Proposed tax bill will help U.S. companies with foreign rivals

Economy
May 12, 2025

ABA joined a coalition of associations in voicing support for legislation to make permanent tax reforms that help U.S. companies compete against foreign firms.

U.S. Supreme Court rules CFPB’s funding structure is constitutional

With Trump signing repeal of CFPB overdraft rule, ABA to drop lawsuit

Compliance and Risk
May 9, 2025

President Trump has signed into law an ABA-championed resolution overturning the CFPB’s limits on overdraft fees.

CFPB claims ‘complex’ pricing drives up cost of financial products

CFPB rescinds dozens of guidance documents

Compliance and Risk
May 9, 2025

The CFPB announced it is rescinding dozens of guidance documents on topics such as fair lending, overdraft fees, disclosure policies and consumer information requests to large banks and credit unions.

NEWSBYTES

Agencies update host-state loan-to-deposit ratios

May 12, 2025

Federal budget reconciliation tax package includes ACRE Act, other ABA priorities

May 12, 2025

Report: Republicans push back against proposed cuts to CDFI Fund

May 12, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.