Washington, D.C. – The American Fintech Council (AFC) has joined forces with other national trade associations to call on the Trump Administration to support the Consumer Financial Protection Bureau’s (CFPB) Section 1033 open banking rule. This rule ensures consumers can securely share their financial data with chosen apps and services, enhancing their ability to manage finances and access innovative tools.
Phil Goldfeder, CEO of AFC, stated, “Safeguarding consumers’ rights to their financial data is fundamental to preserving a fair and competitive marketplace.” He expressed concern that efforts by large banks to undermine this rule could limit financial tools for millions of Americans. Goldfeder urged the administration to defend this rule in court.
Some major banks have challenged the open banking standards legally and operationally. They have filed lawsuits to delay implementation and introduced fees that could restrict consumer data sharing. These actions may reduce consumer choice and hinder innovation nationwide. AFC calls on the Trump administration to file a brief supporting the rule by July 29.
Ian P. Moloney, SVP at AFC, emphasized the importance of secure consumer access to financial data for driving industry innovation and competition. He noted that upholding the principles of the 1033 rule is crucial for allowing consumers freedom in choosing financial services.
AFC represents leading fintech companies and innovative banks offering embedded finance solutions. Its mission is promoting a transparent, inclusive financial system through responsible innovation and sound public policy.