A coalition of trade organizations warns that major banks' legal actions could undermine consumer data rights and hinder financial innovation.
A coalition of trade groups, including the Blockchain Association and Crypto Council for Innovation, urged President Trump to defend open banking rules against legal challenges from major banks. They argue that banks are imposing new fees and undermining innovation, urging the administration to affirm consumer ownership of financial data. The open banking framework, finalized in October 2024, allows consumers to share their financial data securely with third-party apps, which is essential for enhancing innovation in the financial ecosystem.