Fintech concept. Financial and Technology. Gold coins on banknotes and abstract binary code cryptocurrency or digital money. global money, . concept of financial world, finance and banking international. Source: Adobe Stock.

In 2021, Jaime Dimon famously proclaimed his $3.9 trillion financial institution should be “scared sh*tless” of the fintechs. The recent proposal by the CFPB to “jump-start” open banking demonstrates how right he was.

In proposing that all credit unions and banks develop interfaces to facilitate the frictionless transfer of consumer account information to third parties, the CFPB is not so much jumpstarting a new banking framework as it is jumping on a train in which non-depository competitors have gradually taken away more and more of what was once considered core banking activity.

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