TLDR
- Over 100 million Americans use open banking for crypto and digital financial tools
- CFPB’s rule under Section 1033 affirms consumer ownership of financial data
- JPMorgan and others sued to block the finalized rule and plan to add access fees
- Crypto groups urge CFPB to keep data-sharing free and fair for all consumers
A coalition of crypto, fintech, and retail trade groups is urging the U.S. Consumer Financial Protection Bureau (CFPB) to adopt a firm open banking rule that supports consumers’ control over their financial data. The groups argue that over 100 million Americans depend on open banking to access crypto wallets, investment platforms, and digital finance tools, while major banks are trying to restrict access and impose data-sharing fees.
Crypto and Fintech Groups Call for Strong CFPB Rule
Several industry coalitions, including the Blockchain Association and Crypto Council for Innovation, have submitted a letter to the CFPB. The letter urges the bureau to finalize its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act.
This proposed rule would allow consumers to control and share their financial data freely with authorized third parties, including crypto and fintech services. The groups claim consumers—not banks—should decide where and how to share their information.
Data Access Fees at the Center of the Debate
The coalition specifically asked the CFPB to maintain the current ban on data access fees. They argue these charges are being pushed by large banks to restrict competition from fintech and crypto services.
“The nation’s largest banks want to roll back open banking, weaken consumer financial data sharing, and crush competition,” the letter stated. The groups argue that introducing fees could limit access to financial tools that consumers rely on every day.
Open banking, according to the letter, is already helping over 100 million Americans manage finances using digital tools such as investment platforms, crypto wallets, and payment apps. The fear is that new charges would make those services less accessible.
Banks File Lawsuits and Push Back Against the Rule
Major banks have responded strongly to the finalized open banking rule. On the same day the rule was issued in October 2024, the Bank Policy Institute filed a lawsuit to stop its enforcement.
The group represents several major U.S. banks including JPMorgan Chase, Bank of America, and Wells Fargo. They argue the rule brings security risks and puts too much pressure on existing financial institutions.
A Bloomberg report published on July 11 revealed that JPMorgan plans to start charging fintech companies for access to customer data. Crypto and fintech leaders believe this move would restrict innovation and give banks control over the future of financial data access.
Crypto Industry Intensifies Pressure on Washington
The letter to the CFPB builds on earlier efforts by the fintech and crypto sectors to challenge bank-led resistance. In July, the same coalition sent a letter to President Donald Trump expressing concern over data access fees and ongoing lawsuits.
In August, more than 80 executives from fintech and crypto industries urged the administration to intervene. They warned that bank-imposed charges could disrupt access to critical services.
Tyler Winklevoss, co-founder of Gemini, posted on X, “Banks want to gut the Open Banking Rule so they can tax and control your financial data.”
Final Day for Public Comments on CFPB Rule
The CFPB is currently accepting public comments on the proposed rule. October 22 marks the final day for stakeholders and citizens to share feedback.
The fintech and crypto coalition continues to push for rules that prioritize consumer choice and free access to financial data. They believe open banking is necessary to maintain a competitive financial market and support innovation across the digital economy.
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