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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
1.7K 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
214 Takip Edilen2.3K Takipçiler
“Wall Street banks and their payment-network pals know they are perfectly capable of the fair competition that would, in all likelihood, leave them with lower margins. They just prefer the unfair variety.” @CarterD openbanker.beehiiv.com/p/banksnotcomp…
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John Pitts retweetledi
Banks: we want a level playing field! Fintechs must be regulated!
Fintechs: OK, here’s my application.
Banks: fintechs must never be allowed to become regulated banks!
Coin Bureau@coinbureau
🇺🇸🏦 BIG US BANKS MAY SUE OVER CRYPTO BANK LICENSES Banking giants like Goldman Sachs, JPMorgan, and American Express are considering suing the U.S. OCC over its decision to grant national trust bank charters to crypto firms. Banks argue issuing these licenses to crypto firms could pose risks to Americans and the wider financial system. Firms receiving approvals include BitGo, Ripple, Paxos, and Fidelity, with conditional licenses also issued to Crypto .com, Bridge, and Stripe.
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"The Fed’s payment account can be a step towards addressing this issue by providing a narrow path to payment settlement and clearing. But only if the Fed makes additional revisions to enhance its utility — notably by including FedACH services." openbanker.beehiiv.com/p/paymentsupgr…
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@khaslett and I literally just talked about this on a podcast. It's very weird to have an approved skinny master account without a finalized framework describing what a skinny master account is.
Rob Blackwell@robblackwellAB
BPI out with a strong statement here, says the Fed has violated its own policies by approving a "skinny" master account before the Fed board finalized the policy framework for those accounts.
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Best explainer I've read on a very complex and even more important issue
Kiah Lau Haslett is a bank reporter (she/her)@khaslett
🏦 For most Americans, for the past 40 years, where they lived did not matter when they borrowed money.
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S&P and Moody's now each control over 94% of the U.S. public investment grade corporate bond market. Congress tried to create more competition. Why didn't it work, and what should happen next? openbanker.beehiiv.com/p/creditrating…
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Someone sat down and wrote a 4,000 word essay on a quasi-dystopian future, and the market said, “Oh my God, that sounds too believable. Let’s sell everything.” semafor.com/article/02/26/…
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@TaylorLorenz @michaelmiraflor Pretty sure the Heritage Foundation is fine with machine guns
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@michaelmiraflor Please stop spreading this Heritage Foundation nonsense comparing text and video content aka speech to “machine guns” it’s absolutely absurd and you’re contributing to the baseless moral panic being used to mass censor the internet.
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Half of these aren’t even really “social media” platforms anymore. More like algorithmic high velocity short form content distribution dopamine machine guns.
Ed Elson@edels0n
96% of U.S. households likely watched the moon landing together. Can you think of one event that would come close today? We've always had different conversations. But the conversation? Long gone. From my latest newsletter, 'We're Speaking Different Languages': open.substack.com/pub/edwardelso…
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Some thoughts about rent splitting done right: investors.affirm.com/news-releases/…
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@IBAT_CLW The only thing surprising about this tweet is why it hasn’t happened yet.
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Nothing alarming here at all. This guy is tuned in to the government-backed grift…
Dirt Cheap Banks@dirtcheapbanks
I would like to start a credit union and then roll up small banks. The tax exemption is insane and would lead to instant synergies with little operational risk.
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John Pitts retweetledi
DC literally let's people from Maryland drive in the city but Waymo is getting frozen out. Cool.
Connor O’Brien@cojobrien
👎👎👎
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If you've heard about quantum computing but don't really understand it (like me) or the threat it poses to the safety and soundness of financial services (hint, more than AI) take a few minutes and read this: openbanker.beehiiv.com/p/quantumshift
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@PolicyPitts Agreed! I'm liking this idea! I think it'll be a SmartBiz decision for me.
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@AlexH_Johnson Something that keeps the Radius of your argument nice and tight
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@PolicyPitts Yes, but what would be a good Lead for the article?
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Table stakes is that agentic commerce structurally erodes “top of wallet.” More interesting is whether it asymptotically drives brand spend to $0.
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Not enough people laughed when a speaker at MIT Fintech conference referenced Bitcoin as something that “sometimes hovers around $100k in value”
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