Crypto, Fintech push back against banks’ war on open banking

The Blockchain Association, Crypto Council for Innovation and fintech allies urged the CFPB to finalize an open banking rule ensuring consumers, not banks, control their data.

A coalition of fintech, crypto and retail industry trade groups is urging the US Consumer Financial Protection Bureau (CFPB) to adopt a robust open banking rule that safeguards consumers’ control over their financial data.

The letter shared with Cointelegraph was signed by leading crypto advocacy groups — including the Blockchain Association and the Crypto Council for Innovation — alongside fintech and industry organizations such as the Financial Technology Association, American Fintech Council and others representing retailers and small businesses.

The letter responds to the CFPB’s review of the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act, which will define how consumers share their financial data with third-party services.

Read more