American Fintech Council defends open banking rights

The American Fintech Council has urged the CFPB to uphold fee prohibitions and preserve consumer access to financial data.

The appeal comes as the Bureau reconsiders the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act.

In its comments, AFC emphasised the importance of maintaining open banking innovation and ensuring that consumers can freely access and share their financial data without facing data access fees. The organisation argued that such fees would undermine competition, innovation, and consumer choice in the U.S. financial ecosystem.

“Consumers have a right to control their own financial data, and use it to access the financial tools that work best for them,” said American Fintech Council CEO Phil Goldfeder. “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.”

AFC’s letter to the CFPB reiterated that Section 1033 clearly recognises consumers’ right to access their data through a trusted agent, trustee, or representative, and prohibits financial institutions from charging for that access. The council also recommended modernising provisions that could stifle innovation, such as annual reauthorisation requirements and restrictions on the secondary use of consumer data. According to AFC, these measures risk limiting the ability of FinTech companies to offer personalised, data-driven services that enhance financial inclusion and consumer outcomes.

“Strong, standards-based open banking policies empower consumers and keep the U.S. financial system competitive with leading economies around the world,” said American Fintech Council SVP and head of policy and regulatory affairs Ian P. Moloney. “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.”

The AFC also reaffirmed its willingness to work with the CFPB and the Trump Administration to strengthen consumer data rights and foster a fair, inclusive, and innovative financial landscape. As a standards-based trade association, the AFC represents major FinTech firms and forward-thinking banks focused on embedded finance and financial inclusion. Its mission centres on advancing responsible innovation and transparent public policy that benefits consumers nationwide.

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