WASHINGTON, D.C. – The Financial Technology Association released the following statement on the Consumer Financial Protection Bureau’s motion for summary judgment in Forcht, NA vs. CFPB seeking vacatur of the Section 1033 rule:
“Americans must have a right to securely control and share their financial data to access the apps and services of their choice,” said Penny Lee, President and CEO of the Financial Technology Association. “As an intervening party in this lawsuit, FTA will continue to defend this right and work to uphold Americans’ financial freedoms. We are concerned that actions by the largest banks will result in limiting competition and making the ecosystem less safe by cutting away important protections and control for consumers. We will review the CFPB’s filings in this case and respond in kind.”
Initiated during the first Trump Administration and backed by broad bipartisan support, the 1033 rule is vital for consumers, fintech innovators, and financial institutions alike. It puts in place important consumer protections and raises the bar on safety for the entire financial ecosystem.
Strong consumer data rights are vital to preserving Americans’ financial freedom, preventing anti-competitive behavior, and ensuring innovation and competition. To learn more, read “Five Reasons Why Consumers Need a Strong Financial Data Right.”
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.