Crypto, Fintech push back against banks’ war on open banking

A coalition including the Blockchain Association, Crypto Council for Innovation, and various fintech and retail trade groups sent a letter to the US Consumer Financial Protection Bureau (CFPB) advocating for a robust open banking rule under Section 1033 of the Dodd-Frank Act. The groups argue that consumers, not large banks, own their financial data and should be free to share it with any authorized third party, including crypto and fintech services. They specifically urged the CFPB to maintain the existing ban on data access fees, asserting that banks are attempting to crush competition to protect their market position. This pushback comes as major banks, like JPMorgan, have sued to block the finalized rule and have signaled intentions to charge fees for accessing customer data, actions the coalition claims stifle innovation relied upon by over 100 million Americans.

(Source：Cointelegraph)