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Much of the operation of the financial industry is legible to people outside of it. Your credit card works basically like you understand it to (excepting the occasional mythmaking about second order consequences). Debates about what terms banks are allowed to offer on credit cards are fairly straightforward and can be easily followed by non-specialists.
The genesis of Section 1033
Bootstrapping payment methods with Open Banking
A brief note about aggregators
Open Banking enables lower cost payment rails
The CFPB completed rulemaking for Open Banking
The tangled web of payments policy
Chase sends some surprise bills
Banks’ arguments for monetizing Open Banking
Innovation in payment methods is a good thing
Why the banks really hate fintechs that allow businesses to learn your account number easily.
We are not affiliated with Patrick McKenzie. This unofficial audio edition is available to listen to and share for free. Read the original on Bits about Money.
Duration
~31 minutes (30K characters)
Release date
Aug 13, 2025