American Fintech Council Defends Open Banking Rights Amid CFPB Rule Review
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The American Fintech Council (AFC) has called on the Consumer Financial Protection Bureau (CFPB) to maintain fee prohibitions and protect consumer access to financial data, as the agency reconsiders the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act.
In its formal comments, the AFC underscored the critical role of open banking in fostering innovation, competition, and financial inclusion. The council warned that introducing data access fees could undermine consumer choice and weaken the U.S. fintech 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 AFC CEO Phil Goldfeder. “Imposing fees on consumer data is a direct threat to responsible innovation, competition, and the millions of Americans who rely on fintech tools to manage their finances each day.”
The AFC’s letter to the CFPB argued that Section 1033 explicitly grants consumers the right to access their data through a trusted agent, trustee, or representative — without incurring charges from financial institutions. It further urged the Bureau to modernize provisions that could restrict innovation, such as annual reauthorization rules and limits on the secondary use of consumer data.
According to the AFC, these constraints risk limiting fintech companies’ ability to provide personalized, data-driven services that improve 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,” added Ian P. Moloney, AFC’s Senior Vice President and Head of Policy and Regulatory Affairs. “By preserving existing fee prohibitions and clarifying how responsible innovators can use consumer-permissioned data, the CFPB can ensure that open banking continues to grow in a way that benefits consumers, innovators, and the broader economy.”
The AFC reaffirmed its readiness to collaborate with the CFPB and the Trump Administration to strengthen consumer data rights while promoting fair, inclusive, and transparent financial innovation.
As a standards-based trade association, the American Fintech Council represents leading fintech firms and progressive banks focused on embedded finance and financial inclusion. Its mission remains to advance responsible innovation and public policy that benefits consumers nationwide.
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