Finance

State treasurers push CFPB on third-party financial data access rule

Published

4 months ago

October 22, 2025

State treasurers push CFPB on third-party financial data access rule

Rep. Byron Donalds, R-Fla., on his bill to eliminate the Consumer Financial Protection Bureau, Elon Musks directive to federal workers over documenting work, Congress budget reconciliation process and his political future.

A dozen state financial officers are writing to the Consumer Financial Protection Bureau (CFPB) to uphold consumers’ right to share financial data with authorized third parties as the agency weighs a rule that could restrict their ability to do so, according to a letter exclusively reviewed by FOX Business.

The CFPB is considering revising a regulation under section 1033 of the Dodd-Frank Act, which would revise the definition of a “representative” who makes a request on behalf of the consumer, as well as how to assess fees to cover costs incurred by a covered person responding to a customer request.

Twelve state financial officers — including nine treasurers, two auditors and one controller — wrote in favor of the rule recognizing consumer-authorized third parties as “representatives” while preserving existing authorization and conduct requirements.

They wrote that Section 1033 gives consumers a right to access their financial information upon request and that the rule includes agents, trustees or representatives acting on their behalf, including those who aren’t fiduciaries, upon the consumer’s authorization, which is the “touchstone” of the process that needs to be preserved.

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A dozen state financial officers are arguing for the CFPB to preserve the ability of consumers to authorize non-fiduciary representatives to access their data. (Anna Moneymaker/Getty Images)

“Preserving this interpretation promotes competition and innovation (including for real-time payments, budgeting tools, alternative credit assessment, AI, and crypto) and it reduces the risks of debanking and market concentration,” the financial officers wrote.

“In contrast, narrowing ‘representative’ would harm consumers by reducing choice and entrenching incumbents — outcomes counter to Section 1033’s competitive purpose,” they explained.

The group of state financial officers wrote that the CFPB should affirm the text of the rule by clarifying that a consumer-authorized third-party qualifies as a representative acting on their behalf.

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The CFPB’s proposed rule is revising regulations under the Dodd-Frank Act. (Samuel Corum/Bloomberg via Getty Images)

They also wrote the definition of “representative” shouldn’t be limited to fiduciary relationships as it’s not required by the text and would “unduly restrict consumer choice.”

“Consumers should be able to exercise their Section 1033 rights directly or through an authorized representative of their choosing. A text-faithful interpretation of ‘representative’ sustains competition and innovation and reduces risks of debanking and market concentration,” the state financial officers explained.

State financial officers who signed onto the letter include Kansas Treasurer Steven Johnson, Kentucky Treasurer Mark Metcalf, Mississippi Treasurer David McRae, Nebraska Auditor Mike Foley, Nebraska Treasurer Tom Briese, Nevada Controller Andy Matthews, North Dakota Treasurer Thomas Beadle, Ohio Treasurer Robert Sprague, South Carolina Treasurer Curtis Loftis, Utah Auditor Tina Cannon, Utah Treasurer Marlo Oaks and Wyoming Treasurer Curt Meier.

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The state financial officers want to ensure consumers can authorize a third party to look at their financial data. (Yuki Iwamura/AFP via Getty Images)

The public comment period for the CFPB’s rule closed on Tuesday night and the rule attracted nearly 14,000 comments.

Sen. Cynthia Lummis, R-Wyo., sent a letter to the CFPB in support of open banking policies as the agency considers the rule, while consumer groups have also weighed in.

“Major financial institutions are attempting to consolidate their power and maintain monopolistic control over consumer data,” Will Hild, executive director of Consumers’ Research, said in a statement.

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“If these major banks are allowed to continue to control access to consumer data, they will have even greater leverage to punish Americans for their beliefs and to coerce compliance with their radical left-wing ideology.”

Finance

Citi’s new CFO is the latest sign the ‘operator’ era has arrived | Fortune

Published

7 hours ago

February 18, 2026

Press Room

Citi’s new CFO is the latest sign the ‘operator’ era has arrived | Fortune

Good morning. The “traditional” large‑bank CFO path runs through corporate finance, controllership, and treasury with deep technical accounting credentials. But Citi’s newly appointed CFO, Gonzalo Luchetti, did not take that route. He instead brings what companies now increasingly want in a CFO: an enterprise operator and strategic partner.

Next month, after Citi files its 2025 year-end results, Luchetti will succeed longtime CFO Mark Mason, who will become executive vice chair and senior executive advisor to chair and CEO Jane Fraser. Mason plans to pursue leadership opportunities outside Citi by the end of 2026. His tenure at Citi also encompassed operational experience. According to people familiar with the matter, Mason’s long-term ambition is to become a CEO.

Luchetti has led U.S. Personal Banking since 2021 and joined Citi in 2006. At the recent 2026 Bank of America Securities Financial Services Conference, he discussed his career and global experience.

“I’ve worked in Latin America, in the U.S., in EMEA, in Asia Pacific,” said Luchetti, who described his background as Argentine American. “I lived for six years in Singapore, overseeing 18 markets in the retail bank and the broader consumer franchise. I saw digital develop in different countries and models and applied much of that in the last five years as head of U.S. Personal Banking.”

He has worked across businesses and functions, and at the local, regional, and global levels—starting in the private bank, then moving into wealth and the affluent franchise, and later overseeing the retail bank, unsecured credit cards, and secured mortgages.

“I think he is well equipped and armed to come in as our newly appointed CFO and continue the momentum,” Mason said on a media call last month. Citi (No. 21 on the Fortune 500) reported a profitable fourth quarter to close 2025.

Luchetti’s blend of operating experience, consulting, strategy, P&L leadership, and business‑unit CFO work reflects what many companies now look for in finance chiefs.

What boards want in CFOs now

The CFO role continues to evolve. Boards are seeking CFO candidates with demonstrated leadership beyond finance—particularly “operators” with enterprise-wide influence, according to Russell Reynolds Associates’ research.

Ten years ago, boards focused on controller backgrounds, deep accounting expertise, strong audit committee relationships, and FP&A rigor, Shawn Cole, president and founding partner of executive search firm Cowen Partners, recently told me. Now, he said, boards want CFOs who can lead technology transformation, manage geopolitical supply chain complexity, defend against activists, and navigate volatile capital markets—creating intense competition for a small pool of sitting CFOs with that modern skill set.

At the BofA conference, Luchetti highlighted mid-single digit growth in high-returning areas, like for Services and Wealth deposits and Cards and Wealth loans. Net interest income, excluding Markets, will be up 5%–6% in 2026. “We’ll talk about this at length at Investor Day,” Luchetti said. “Very clearly for us, the biggest objective this year is to deliver what we committed to, which is the 10% to 11% RoTCE [Return on Tangible Common Equity].”

His top priorities as he enters the role are twofold: “Number one, drive consistent, higher returns; and two, pursue excellence in execution.” He said it starts with durability: strong risk and control practices, a solid balance sheet, and ample liquidity, so performance is sustainable over time. In U.S. Personal Banking, that foundation helped Citi deliver 13 straight quarters of positive operating leverage and move returns from 5.5% RoTCE in 2024 to the mid‑teens in the back half of the year, Luchetti noted.

As CFO, he said, he will focus on clear accountability and execution—doing what Citi says it will do, acting early on risks, and maintaining urgency—combined with a “beginner’s mindset” to keep pushing for higher, sustainable returns.

In elevating Luchetti, Citi is effectively betting that the next era of value creation will be led by operator-CFOs.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Brian Piper was named EVP and CFO of Sana Biotechnology, Inc. (NASDAQ: SANA). Piper brings more than 25 years of experience. He was previously CFO of Scorpion Therapeutics until its acquisition by Eli Lilly in 2025, and thereafter served as CFO of Antares Therapeutics following its spin-off from Scorpion. Before that, he was CFO of Prelude Therapeutics, a publicly traded biotech company. Earlier in his career, he served as CFO of Aevi Genomic Medicine and spent 13 years at Shire Pharmaceuticals.

Vic Pierni was appointed CFO of Xsolis, a healthcare technology company. He brings more than 25 years of experience. Most recently, he served as CFO of Uniguest, a global digital technologies SaaS provider. Previously, he was CFO of Loftware, an enterprise supply chain SaaS company. Earlier in his career, Pierni held CFO and senior executive roles at Global Capacity and Verivo Software.

Big Deal

KPMG’s recently released Q4 2025 Credit Markets Update finds leveraged finance ended 2025 strongly, creating a borrower‑friendly start to 2026 but with clear medium‑term risks.

New‑issue leveraged loan volume reached about $709 billion in 2025, up from roughly $661 billion in 2024, the second‑highest level since 2021, while high‑yield issuance rose about 16% to more than $330 billion, driven largely by refinancing and a more dovish stance by the Federal Reserve. Refinancing still accounted for 44% of activity, but new‑money LBO and M&A deals led overall volume as the long‑anticipated M&A rebound emerged.

KPMG expects tight spreads, declining base rates, and an issuer‑friendly backdrop to keep capital costs low and support deal flow into early 2026, though data-dependent monetary policy means negative surprises in jobs or inflation could curb further easing.

Going deeper

“Airbnb CEO says AI is ‘the best thing that ever happened to’ his company—he warns other founders: ‘If you don’t disrupt yourself, someone else will’” is a Fortune article by Emma Burleigh.

Airbnb CEO Brian Chesky says AI has been instrumental to the success of his $73.5 billion short-term rental company. Now, the billionaire founder is telling other business leaders that the tech isn’t just a plus, it’s a necessity. Read more here.

Overheard

“It’s the biggest transformation opportunity in retail. That was really appealing to me.”

—Hillary Super, CEO of Victoria’s Secret & Co., told Fortune in an interview. The company brought her on in fall 2024, after its various rebrands were widely dismissed and sales were falling. She had previously served as global CEO of Anthropologie and, more recently, as CEO of rival lingerie brand Savage X Fenty. When she joined Victoria’s Secret, Super said she was “keenly aware of what the perceptions of the brand were, positive and negative,” but was ready to take on a challenge.

Finance

Superannuation crackdown on tactics that cost Aussies $1.2 billion in retirement savings

Published

19 hours ago

February 17, 2026

Press Room

Superannuation crackdown on tactics that cost Aussies .2 billion in retirement savings

ASIC says it is worried that some lead generation practices in financial advice and super may expose Aussies to significant losses. (Source: Getty)

The corporate regulator in Australia has launched a fresh review into the practice of using lead generators to lure in the large piles of money in workers’ superannuation accounts, with more than 40 groups called out. The often aggressive marketing practice is what drove thousands of Aussies to invest around $1.2 billion of their retirement savings into the collapsed Shield and First Guardian funds.

Lead generation is the process of identifying someone as a potential sales target. Lead generators may offer a free ‘super health check’ or offer to find your lost super, which can be sales tactics designed to pressure you to switch superannuation accounts.

Lead generators are often paid “marketing fees” by licensed financial advisers for generating leads. This is what happened in the cases of the Shield and First Guardian.

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The Australian Securities and Investments Commission (ASIC) has released a list of 44 known entities involved in lead generation as part of a new review of financial advice licensees using lead generation services.

“ASIC is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses,” the regulator said.

“The naming of the entities in this list should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.”

Do you have a story to share? Contact tamika.seeto@yahooinc.com

Phone call — Aussies are being told to be cautious if someone calls them about their super. (Source: Getty)

The list includes 21 lead generators themselves, many of which have websites that have search terms people would use if they wanted to switch super, like www.checkmysuper.com and www.mysupercheckup.com.au.

It also includes 23 advice licensees or corporate representatives who have acquired leads since July 1, 2024.

Three advice firms on the list, including Clear Sky Financial, were authorised representatives of InterPrac Financial Planning, which was the licensee at the centre of the Shield and First Guardian scandals.

The list isn’t an exhaustive one, with ASIC planning to update the list throughout the course of its review, which will happen over the course of the year.

Super Consumers Australia is calling for a ban on lead generation for super and financial advice, along with closing the loophole that allows cold calling offering financial advice.

Finance

Medina’s finance committee looks to reallocate income tax dollars

Published

1 day ago

February 17, 2026

Press Room

Medina’s finance committee looks to reallocate income tax dollars

MEDINA, Ohio — In an effort to ensure the city has funds available for capital improvements, the city’s finance committee has agreed to amend the allocation of income tax dollars.

“After spending time talking about sidewalk improvements, I think it makes sense that we need to have money in our account for capital improvements,” Council President John Coyne said.

Coyne said that the city’s current income tax collection is around $21 million and 40 percent of that collection, or roughly $8.4 million goes to the police department. Coyne recommended changing the allocation to the police department to 38 percent and reallocating an additional 1 percent to the general fund and the other 1 percent to general purpose capital expenses.

“The police department would still get an ample amount for their budget, and they do have ample saved up in carry forward funds,” he said.

Coyne said he wants to make sure all departments are properly funded but added that with income tax revenue increasing over the years, he thinks it makes sense to put some money aside for capital improvement projects.

“We need to take a look at this every year and make sure we plan correctly going forward so we don’t reach financial issues in the future,” he said.

Mayor Jim Shields said he has talked to Police Chief Ed Kinney, and he said they understand the reasoning behind the reallocation.

“We used to have a list of all the capital improvement projects we wanted to focus on and there are other things in the city I want to start getting in front of you,” Shields told council.

Coyne said he thought it makes sense to spend the next couple of months to schedule committee of the whole meetings so council can discuss potential capital improvement projects that are needed in the city.