Risk, Rules, and the Gaps in Open Banking

Описание: Welcome back to the Fintech Takes podcast. I’m Alex Johnson, joined in this episode by three guests — Steve Smith (Co-founder and CEO of Invela; former Co-founder of Finicity and Founder of the Financial Data Exchange), Todd Taylor (Co-head of Intellectual Property; Co-head of Commercial & Technology Transactions at Moore & Van Allen), and Dan Murphy (Founder of Sunset Park Advisors; former CFPB Open Banking Program Manager).

That’s right, a rare four-person episode!

And we’re digging into a question that’s been mostly overlooked in the open banking debate: not how data is shared, but who bears the risk when it is.

As banks, fintechs, and regulators sort through liability, accreditation, and third-party risk management, the lack of a shared rulebook has become increasingly clear.

The core tension: the U.S. built open banking on top of a fragmented regulatory structure and outdated third-party guidance, and everyone’s been improvising ever since.

So, what happens when something breaks … and who pays for it?

Highlights include:

Why banks are still relying on OCC Bulletin 2013-29 and interagency third-party risk management guidance to govern a 2025 data-sharing market

How Section 1033’s competition mandate at the CFPB often collides with prudential regulators’ safety-and-soundness priorities

Why the industry may need a standardized accreditation framework and transparent risk registry for third parties

How liability insurance and warranty-based risk-sharing could help balance accountability between banks and fintechs

This episode unpacks how an open-access ecosystem can evolve toward shared accountability, and why industry-led solutions like accreditation, registries, and risk transfer mechanisms may be the only viable path forward.

Thanks for listening!


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