Open Banking is Key to America’s Financial Freedom and Future of Innovation
FTA urges the Trump Administration to uphold consumers’ rights to own and share their financial data
WASHINGTON, D.C. – The Financial Technology Association released the following statement as the public comment period closes on the Consumer Financial Protection Bureau’s Advance Notice of Proposed Rulemaking regarding the reconsideration of the Section 1033 open banking rule:
“In today’s digital age, having the right to securely connect your bank account to the apps and services of your choice is table stakes,” said Penny Lee, President and CEO of the Financial Technology Association. “A small group of the nation’s biggest banks shouldn’t be able to limit that right, stifle competition, and keep America stuck in an analog age. We urge the Trump Administration to craft an open banking rule that ushers in a Golden Age of financial innovation and upholds Americans’ rights to access the financial services of their choice.”
FTA submitted a comment letter specifically urging the Consumer Financial Protection Bureau to 1) uphold the established definition of a representative so that consumers can securely access and share their financial information with authorized third parties, and 2) maintain the prohibition on consumer data access fees. FTA also led a coalition of fintech firms, crypto companies, innovative banks, and Main Street Businesses urging the Trump Administration to protect open banking and uphold Americans’ financial freedoms.
Click here to learn more about the importance of open banking to competition, choice, and innovation.
ABOUT US
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.
Open Banking is Key to America’s Financial Freedom and Future of Innovation
FTA urges the Trump Administration to uphold consumers’ rights to own and share their financial data
WASHINGTON, D.C. – The Financial Technology Association released the following statement as the public comment period closes on the Consumer Financial Protection Bureau’s Advance Notice of Proposed Rulemaking regarding the reconsideration of the Section 1033 open banking rule:
“In today’s digital age, having the right to securely connect your bank account to the apps and services of your choice is table stakes,” said Penny Lee, President and CEO of the Financial Technology Association. “A small group of the nation’s biggest banks shouldn’t be able to limit that right, stifle competition, and keep America stuck in an analog age. We urge the Trump Administration to craft an open banking rule that ushers in a Golden Age of financial innovation and upholds Americans’ rights to access the financial services of their choice.”
FTA submitted a comment letter specifically urging the Consumer Financial Protection Bureau to 1) uphold the established definition of a representative so that consumers can securely access and share their financial information with authorized third parties, and 2) maintain the prohibition on consumer data access fees. FTA also led a coalition of fintech firms, crypto companies, innovative banks, and Main Street Businesses urging the Trump Administration to protect open banking and uphold Americans’ financial freedoms.
Click here to learn more about the importance of open banking to competition, choice, and innovation.
ABOUT US
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.