Crypto and Fintech Groups Urge CFPB to Finalize Open Banking, Ban Data Fees

Crypto and fintech trade groups led by the Blockchain Association and the Crypto Council for Innovation have urged the US Consumer Financial Protection Bureau (CFPB) to finalize robust open banking rules under Section 1033 of the Dodd-Frank Act. The coalition calls for clear consumer data rights and confirmation that consumers—not big banks—own their financial data and can share it via API with any authorized third party. It also demands the CFPB permanently ban data access fees to maintain a free, competitive market. Over 100 million Americans rely on open banking for investment platforms, crypto wallets, stablecoins, and digital payment apps. Major banks including Wells Fargo, Bank of America and JPMorgan Chase have sued to block the rule. They are considering charging fintech firms for customer data access. Delaying or weakening these open banking protections could stifle innovation, entrench incumbents, and harm consumer choice in crypto and fintech.