The American Fintech Council (AFC) has submitted comments to the Consumer Financial Protection Bureau (CFPB) as the agency reconsiders its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The AFC is urging the CFPB to maintain consumers’ right to access and share their financial data, uphold prohibitions on data access fees, and support open banking innovation in the United States.
Phil Goldfeder, CEO of the American Fintech Council, stated: “Consumers have a right to control their own financial data, and use it to access the financial tools that work best for them. Imposing fees on consumer data is a direct threat to responsible innovation, competition, and the millions of Americans who rely on responsible fintech tools to manage their finances each day.”
The AFC’s letter was submitted both independently and as part of a joint effort with other trade associations. The organization emphasized that Section 1033 grants consumers the right to access their financial data through an agent or representative without being charged by financial institutions. The AFC also recommended updates to previous rule provisions they consider overly restrictive, such as limits on secondary use of consumer data and requirements for annual reauthorization. According to the AFC, these restrictions could hinder innovation and reduce consumer choice.
Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at AFC, commented: “Strong, standards-based open banking policies empower consumers and keep the U.S. financial system competitive with leading economies around the world. By preserving the existing fee prohibitions and further clarifying how responsible innovators can use consumer-permissioned data, the CFPB can ensure the open banking market continues to grow in a way that benefits consumers, innovators, and the broader economy.”
In its submission, AFC reiterated its intention to collaborate with both the CFPB and Trump Administration in strengthening consumer data rights while promoting an inclusive financial marketplace.
The AFC represents major fintech companies and innovative banks offering embedded finance solutions. Its mission is focused on fostering transparency, inclusion, customer-centric practices in financial services through responsible innovation and advocacy for sound public policy. Members aim to increase competition in consumer finance while developing products designed for underserved communities.