Overview
- Groups including the Blockchain Association, Crypto Council for Innovation, National Association of Convenience Stores and National Retail Federation sent a letter pressing the CFPB to preserve strong open-banking protections under Rule 1033.
- They warn that allowing banks to charge for third-party access and narrowing who can act as a consumer representative could cut off connections between bank accounts and crypto exchanges, stablecoin wallets and other digital finance services.
- The letter urges the bureau to maintain consumers’ ability to share their financial data with services of their choice without new costs that would function as a toll on data access.
- Supporters say banks’ technology and storage expenses are standard operational costs for modern institutions, arguing that weakening the rule would leave the U.S. lagging countries where open banking is already established.
- Banks have argued that open banking imposes costs, and the coalition says large institutions are lobbying to limit representative eligibility and to impose access fees.