CFPB chief vows data-sharing rule will promote competition; Boost Mobile's bid to help the underbanked

CFPB chief previews next steps in open-banking rulemaking: The rule, which is not due out until 2024, will promote competition among financial institutions and data aggregators, Consumer Financial Protection Director Rohit Chopra said at a fintech conference.

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Here's some more of what we're covering today:

Mastercard sees strong payment volume but has its pandemic playbook ready: As with other card companies, the impact of higher prices and a potential recession is not yet showing up in performance, though it is pushing product diversification to reduce reliance on transaction volume — a strategy that helped during the early days of COVID.

Credit unions urged to lean into the Great Resignation: Even the most passionate workers may need a more flexible schedule, a hybrid office or unique training. Credit unions that want to hire and retain those people need to not only meet those needs, but also know when to help them move on to a new employer, experts say.

Boost Mobile launches mobile banking for the underbanked: The mobile service provider is offering many standard digital banking features alongside payments to Mexico. One expert is skeptical it will stand out.

Female financial service leaders extol the value of mentorship: During a panel discussion at American Banker's Most Powerful Women in Banking conference, three executives spoke about how mentors helped shape their own careers, and how they continue to provide a pipeline for future generations of senior leaders.