Open banking powers the financial tools 80% of Americans use daily, from budgeting apps and payment tools to investment platforms and high-yield savings accounts. But big banks are fighting to restrict access, limit competition, and charge fees by weakening the Section 1033 rule that protects your right to your own financial data.
That’s why this week, the Financial Technology Association hosted a live Open Banking Town Hall with Andreessen Horowitz, Ambrook, MX, Y Combinator, and former Rep. Patrick McHenry about what’s at stake if we lose open banking. The Town Hall capped off a Week of Action featuring diverse fintech, crypto, digital assets, and Main Street Business voices sharing their support for open banking ahead of the Consumer Financial Protection Bureau’s Oct. 21 comment deadline.
ICYMI: Town Hall Highlights
🗣️ “Competition is how consumers get better choices, better products, and better prices,” said Alex Rampell, General Partner at Andreesseen Horowitz. “And if you look at the fintech companies that have popped up in the last 10 or 20 years…all of them required [open banking].”
🗣️ “We build accounting and payment software for farms, ranches, and adjacent rural businesses across America,” explained Mackenzie Burnett, co-founder of Ambrook, a fintech serving the agriculture community. “And they rely on Ambrook for real-time visibility into their finances…Without open banking, we can’t serve them as well.”
🗣️ “The data belongs to the underlying users and consumers, not the banks,” said Garry Tan, President and CEO of Y Combinator. “How the Trump administration lands on this rule will determine whether entrepreneurs can challenge incumbents, or whether these banks can lock in their oligopoly forever.”
🗣️ “The big misunderstanding is that it’s fintech vs. bank, and we definitely don’t see it that way,” said Ryan Caldwell, Founder and CEO of MX. “We see it as very synergistic…Open banking is critical infrastructure…We need open banking to exist [because] we need innovation in the space.”
Act Now to Protect Your Financial Freedom
Losing open banking means fewer choices, higher costs, and falling behind globally. If big banks win, you’ll have more expensive services and less financial freedom. The UK, Singapore, and Australia already give their citizens more control. America risks losing its competitive edge in financial innovation.
You can act now to protect your financial freedom. Submit a comment to the Consumer Financial Protection Bureau by October 21 supporting: (1) your right to securely share financial data with authorized representatives, and (2) the prohibition on banks charging consumer data access fees. This is about your freedom to make financial decisions that work for your family.
