WASHINGTON, D.C. – The Financial Technology Association (FTA) issued the following statement on the Advance Notice of Proposed Rulemaking (ANPR) released by the Consumer Financial Protection Bureau (CFPB) soliciting comments and feedback to guide reopened rulemaking under Section 1033 of the Dodd-Frank Act:
“Open banking drives American innovation and competitiveness. A rule affirming consumers’ right to access and permission their data is essential as we move forward, protecting consumers while driving innovation and safety across the financial system,” said Penny Lee, President and CEO of the Financial Technology Association. “The Trump Administration is calling needed attention to barriers to innovation being erected by the largest banks, especially recent threats to impose more fees on Americans who simply want open access to their own bank accounts. This rulemaking gives consumers, innovative banks, fintechs, and Main Street businesses an opportunity to stand up for Americans’ rights to access innovation and control their own financial data without unfair roadblocks. We look forward to participating in the rulemaking process and submitting our full comments in response to the ANPR.”
Recently, FTA led a group of over 80 CEOs calling on President Trump to uphold open banking and oppose big banks’ exorbitant consumer data access fees set to impact the market in September. That coalition included leaders representing a broad cross-section of the American economy who rely on open banking connectivity. FTA is also an Intervenor-Defendant in litigation challenging the open banking rule, seeking to uphold consumers’ rights to freely access their financial data.
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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.