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If I was a fintech or bank and needed to start learning the 1033 open banking rules like they were going to be the law of the land by Fall 2024 (heads up, they are), I would start here: plaid.com/resources/comp…
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John Pitts
1.8K posts
John Pitts
@PolicyPitts
Vice President for Government Relations, Public Affairs, and Social Impact @Affirm. Previously @Plaid and @CFPB. Views my own.
Washington D.C. Katılım Nisan 2020
216 Takip Edilen2.3K Takipçiler
@JHWeissmann @DCDPW Dude talk to your ANC Commissioner, works for me every time.
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OK, it's come to this: @DCDPW has now missed trash collection on my street for 4 weeks in a row now. I have talked to customer service people at the department at least 4 times (aside from calling 311). Somehow, nothing is working. What will it take to fix this?
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@Apple I don't care if the "prevailing condition" where I am is wind, the only default map I want to see is precipitation. I'm not Jack Aubrey.
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The bank W is that the EO doesn’t require them to collect citizenship data. But the banks are gonna have to hold the L of a Republican administration granting new powers to the CFPB via Executive Order, a precedent I’m sure no Democratic President will happily pile on to.
Eleanor Mueller@Eleanor_Mueller
❗️A CFPB spox tells me it’s already moved forward with its portion of the EO — a sign it plans to wield its new authorities as aggressively as possible. Officials today submitted a rule for review called “statement on ability to repay and immigration status,” the spox said. semafor.com/article/05/19/…
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@mattyglesias Funny, I don't remember the fury over him casting Liam Neeson to play canonically North African Ra's al Ghul in the first Batman movie
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For "Dunkirk," Christopher Nolan had his costume department make fabric from scratch to match the period-appropriate texture of WW2 uniforms.
If he gives characters historically inauthentic armor, he is making choices not being lazy.
slowboring.com/p/a-diverse-od…
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A rigorous enterprise risk assessment routinely takes six to eight months. The business decisions it is meant to inform are being made in days. How to close this gap, only in @theOpenBanker
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Today is THE DAY for you to do 3 thing:
1. READ @theOpenBanker on stablecoin yield
2. WATCH the CLARITY markup in the Senate
3. REGISTER for the Open Banker Salon debate on stablecoin yield
openbankersalon.com/register
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John Pitts retweetledi
Here's my modest proposal for addressing the yield issue once it gets to the Senate floor: Let stablecoin issuers pay yield directly while complying with the same rules as banks.
openbanker.beehiiv.com/p/outsideboxst…
Sander Lutz@sander_lutz
Banking policy leaders now signaling that if they lose on stablecoin yield at Thursday's Clarity markup, they will ramp up their fight for changes on the Senate floor. "Thursday is Thursday, and there are 24 members who will opine, and we still have 76 members left to go before this thing is finished," one banking leader told me today. Alsobrooks + Tillis seem poised to stay put with their new yield compromise, however, even though banks don't like it. After banking trades released proposed changes to the deal Friday, an Alsobrooks spox told me the senator stands by her + Tillis' earlier statement that they "respectfully agree to disagree" w/ banks on yield. "It can't be a compromise if both sides don't agree to it," a frustrated banking trade leader also told me today. The trade leader also threw some shade at crypto for how they've navigated the process. "We don't debate this on X," they said. "We're very professional. X is really not, you know, the proper place to negotiate this."
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The first-ever Open Banker Salon (June 5, 2026) features a certain-to-be electric debate on the GENIUS Act. To whet your appetite, this week we are running two pieces on stablecoins by Salon participants. openbanker.beehiiv.com/p/outsideboxst…
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The problem with a US-style political system with fixed executive terms and elections is that you don't get these great bloodsport moments. This is better than streaming an illegal chimp fight
Tom Harwood@tomhfh
Over the course of the last hour, on average, one new MP has called for Keir Starmer to resign every ten minutes.
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@Affirm's first small-business sentiment survey is out! I'll have an analysis of what we found later this week, but you can find the key data here if you want to dyor: investors.affirm.com/news-releases/…
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@mikulaja Either TD dealing with their 'hey that is a lot of money laundering' consent order or someone who has been brilliantly boring since 1865
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Dying to know what bank tried to force the Chicago Pope to go *TO A BRANCH* to update his phone & address...
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I'm incredibly excited to announce that @theOpenBanker will be holding its first Salon, June 5 in Washington DC. Think of it as a live version of the financial policy debates you love from our op-ed pages. You can register here: openbankersalon.com
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"[B]anks’ statements about customer profitability are meaningless without understanding how they allocate costs." openbanker.beehiiv.com/p/indirectcosts
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For the 15 of you closely following the issue: Iowa remains opted-out of DIDMCA, but just raised the state interest rate cap to 36%, making the opt-out essentially moot for any responsible lender: governor.iowa.gov/press-release/…
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@playbookdc At least they aren't building a custom one this time: atlasobscura.com/places/a-splen…
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"In a rapidly evolving global financial landscape, upgrading the infrastructure upon which the Dollar transacts through expanded participation and competition is paramount to maintaining its preeminent status." Only in @theOpenBanker
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@defyneric Because, per the Consumer Financial Protection Bureau, for BNPL “1.83 percent of loans were charged-off” compared to credit card charge offs of 4.9%. The data show consumers get into less trouble with BNPL than cards.
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how can you say this when it’s having a devastating affect on the average american consumer?
if you look at what markers mimic the end times of society
buying wing stop and popeyes on bnpl is up there
yes merchants make more $
but this country won’t be around much longer if it keeps up
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Yup, and lots of merchant adoption still to go. Literal $ on the sidewalk waiting to be picked up
Nik@NikMilanovic
Adding buy-now-pay-later as a checkout option increases order values by 25% on average.
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