Consumers have the right to access their financial data, according to Phil Goldfeder, CEO of the American Fintech Council. In a recent statement, Goldfeder criticized efforts to restrict or monetize consumer-permissioned financial information. He stated that such measures pose a threat to innovation and competition in the financial system.
Goldfeder emphasized the importance of transparency and control for consumers over their financial lives. He argued that placing barriers on data access would negatively impact families who rely on a safe financial system. He described these efforts as attempts by incumbents to maintain their positions.
The CEO highlighted the need for open banking practices, urging large institutions to embrace transparency and interoperability. According to Goldfeder, financial institutions should focus on empowering consumers rather than creating obstacles.