Banks and fintechs unload on CFPB’s open banking plan
In comment letters to the Consumer Financial Protection Bureau concerning its proposed rule to allow consumers to share their banking data with third-party providers, banks worry about implementation costs while fintechs fear the rule will stymie innovation.
The Fort Lee, New Jersey, company has hired a pair of veteran investment bankers to helm an effort serving fintechs' capital market needs "doubling down" on its commitment to the sector.
The hiring of Viswas Raghavan as Citi's head of banking is the latest move by the global bank to attract talent from rivals. His departure set off more leadership tweaks at JPMorgan Chase.