Marian Miner Cook
Athenaeum

A distinctive
feature of social and
cultural life at CMC

 

Open Banking: Why It Matters, and What It Means For Our Data

Tue, March 19, 2024
Dinner Program
Linda Jeng

Open banking is a silent revolution transforming the banking industry. It is the manifestation of the revolution of consumer technology in banking and will dramatically change not only how we bank, but also the world of finance and how we interact with it. Since the United Kingdom along with the rest of the European Union adopted rules requiring banks to share customer data to improve competition in the banking sector, a wave of countries from Asia to Africa to the Americas have adopted various forms of their own open banking regimes. 

Although U.S. banks and market participants have been sharing customer-permissioned data for the past twenty years and there have been recent policy discussions, such as the Obama administration's failed Consumer Data Privacy Bill and the Consumer Financial Protection Bureau's proposed rulemaking on Personal Financial Data Rights, open banking is still a little-known concept among consumers and policymakers in the States. Linda Jeng, a scholar of financial technology and policy, will explore key legal, policy, and economic questions raised by open banking.
 

Linda Jeng is the Founder & CEO of Digital Self Labs, a regulatory, policy & tech advisory firm. She is also a Visiting Scholar on Financial Technology and Adjunct Professor of Law at Georgetown University Law Center’s Institute for International of Economic Law, a Senior Lecturing Fellow at Duke Law School, and a Bank for International Settlements Research Fellow. Her research interests include open banking, digital identity, and DeFi. Previously, she was the Chief Global Regulatory Officer & General Counsel of the Crypto Council for Innovation (a leading crypto industry association), the Chief Policy & Regulatory Officer of the Centre Consortium (the former standard setter for the global stablecoin USDC), and the Global Head of Policy at Transparent Financial Systems (a DeFi startup developing a tokenized dollar payment solution).

Prior to these private sector roles, she was at the Federal Reserve Board of Governors where she chaired the Basel Committee’s working group on open banking. She has spent most of her career working on financial stability and regulatory reform, including at the Financial Stability Board working on international standards addressing Too-Big-to-Fail, the U.S. Senate drafting the Dodd-Frank Act, and the U.S. Treasury Department on the international implementation of G20-led reforms. Linda also has worked at the Securities & Exchange Commission, the Office of the Comptroller of the Currency, and Credit Agricole in Paris. Linda has testified in front of Congress and frequently comments in print, podcast, and television, including Financial Times, NY Times, Wall Street Journal, Politico, etc. She is also a Forbes contributor. She has a J.D. from Columbia Law School, a Diplôme d'études approfondies from University of Toulouse, France, and a B.A. from Duke University.

Ms. Jeng's Athenaeum visit is co-sponsored by the Financial Economics Institute (FEI) at CMC.

Marian Miner Cook Athenaeum

Claremont McKenna College
385 E. Eighth Street
Claremont, CA 91711

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