Fintech, Digital Asset, and Merchant Groups Urge CFPB’s Vought to Reject Open Banking Fees and Data Rationing
WASHINGTON, D.C.– The Financial Technology Association, joined by the American Fintech Council, Blockchain Association, Chamber of Progress, Crypto Council for Innovation, Financial Data and Technology Association, National Association of Convenience Stores, National Retail Federation, and Retail Industry Leaders Association, today sent a joint letter to Acting Consumer Financial Protection Bureau (CFPB) Director Russell Vought urging the Bureau to finalize an open banking rule that is free of data access fees and data rationing thresholds.
The letter comes as the Administration implements President Trump’s executive order, “Integrating Financial Technology Innovation Into Regulatory Frameworks,” which calls for removing barriers to innovation and expanding access to financial services. The coalition argues that allowing Wall Street banks to charge consumers for access to their own financial data, or to cap how often that data can be pulled, would run counter to the executive order’s goals and to the consumer data rights already guaranteed under Section 1033 of the Dodd-Frank Act.
The letter also highlights that data rationing proposals are unlawful and unworkable and ignore how modern financial products actually function. Many such products, offered by banks and fintechs alike, require real-time data access to deliver the reliable, secure service consumers expect and have authorized. Large banks are already throttling this access; codifying a threshold would only hand them more room to do so, at consumers’ expense.
The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity.
Fintech, Digital Asset, and Merchant Groups Urge CFPB’s Vought to Reject Open Banking Fees and Data Rationing
WASHINGTON, D.C. – The Financial Technology Association, joined by the American Fintech Council, Blockchain Association, Chamber of Progress, Crypto Council for Innovation, Financial Data and Technology Association, National Association of Convenience Stores, National Retail Federation, and Retail Industry Leaders Association, today sent a joint letter to Acting Consumer Financial Protection Bureau (CFPB) Director Russell Vought urging the Bureau to finalize an open banking rule that is free of data access fees and data rationing thresholds.
The letter comes as the Administration implements President Trump’s executive order, “Integrating Financial Technology Innovation Into Regulatory Frameworks,” which calls for removing barriers to innovation and expanding access to financial services. The coalition argues that allowing Wall Street banks to charge consumers for access to their own financial data, or to cap how often that data can be pulled, would run counter to the executive order’s goals and to the consumer data rights already guaranteed under Section 1033 of the Dodd-Frank Act.
The letter also highlights that data rationing proposals are unlawful and unworkable and ignore how modern financial products actually function. Many such products, offered by banks and fintechs alike, require real-time data access to deliver the reliable, secure service consumers expect and have authorized. Large banks are already throttling this access; codifying a threshold would only hand them more room to do so, at consumers’ expense.
Read the full letter below and access a PDF here
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The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity.