The August 2024 report compares U.S. and EU financial technology regulations, focusing on open banking, BaaS, data privacy, and AI. The U.S. follows a market-driven approach with limited preemptive regulation, while the EU uses centralized frameworks like PSD2 and GDPR. The CFPB’s upcoming Personal Financial Data Rights Rule will tighten U.S. data protocols, with compliance timelines from six months to four years. Regulators are increasing scrutiny of bank-fintech partnerships, emphasizing third-party risk management. AI oversight diverges, with the U.S. relying on fragmented laws and the EU’s AI Act enforcing a unified, risk-based framework.

Join for free to read