A coalition of major fintech and crypto associations has called on U.S. regulators to ensure Americans, not banks, retain ownership of their financial data. In a joint letter sent to the Consumer Financial Protection Bureau (CFPB), the Blockchain Association, Crypto Council for Innovation, Financial Technology Association, and American Fintech Council pressed the agency to finalize its pending Personal Financial Data Rights Rule without concessions to large financial institutions.
Push to Secure Open Banking Principles
The coalition’s appeal centers on Section 1033 of the Dodd-Frank Act, which defines how consumers share their financial information with third-party apps and services. The groups argue that open banking must empower users to freely connect their accounts to platforms of their choosing, from digital wallets to decentralized finance tools.
Their letter emphasized that any move to let banks charge fintech firms for API connections would “punish innovation and restrict consumer choice.” The coalition urged the CFPB to uphold its proposed ban on data-access fees, warning that new charges could reverse a decade of progress in financial inclusion. More than 100 million Americans already rely on open-banking-enabled apps for payments, saving, and investing, they noted.
Wall Street Resistance and Legal Challenges
Big banks have pushed back since the CFPB finalized its open banking framework in October 2024, modeled on systems already adopted in the U.K., Brazil, and the European Union. The Bank Policy Institute, representing JPMorgan Chase, Wells Fargo, and Bank of America, sued the CFPB, claiming the rule exposes banks to cybersecurity risks and compliance costs.
Adding fuel to the controversy, Bloomberg recently reported that JPMorgan intends to charge third-party fintech firms for data access, an approach the coalition says defies the spirit of the rule.
As the CFPB weighs final adjustments before enforcement begins in 2026, the fight over who truly controls financial data has become a defining battle between Silicon Valley’s innovators and Wall Street’s incumbents.