On Compliance: Would the U.S. Constitution require treasury to pay credit unions for open banking rule?
While credit unions do not usually sue regulatory agencies, this CFPB proposal may be an exception should it become final.
Can the Consumer Financial Protection Bureau force credit unions and banks to grant financial technology companies access to their core banking systems without compensation?
De facto public utilities providers
The Fifth Amendment to the U.S. Constitution states: “Nor shall private property be taken for public use, without just compensation” and the U.S. Supreme Court has extended this doctrine to allow public utilities to charge fees sufficient to recoup their reasonable costs and capital investments, as well as to provide compensation when the government takes private property to give to a third party (such as a real estate developer) and for “regulatory takings.”
continue reading »