Crypto and Fintech Groups Call on Trump Administration to Support CFPB Open Banking Rule
A coalition of U.S. crypto, fintech, and retail groups warns that charging for data access could harm innovation and competition, calling for the preservation of Rule 1033 protections.
Fact Check
The evidence provided strongly and consistently supports the statement's truthfulness. Multiple high-authority and highly relevant sources directly confirm that fintech and crypto groups have lobbied the Trump administration to support the CFPB's open banking rule. For instance, a press release from the American Fintech Council (AFC), a legal news report from Law360, and an industry report from The Paypers all explicitly state that such a request was made. One source provides further detail by naming specific participants, including the Crypto Council for Innovation, which directly validates the inclusion of 'crypto groups' in the statement. The existence of this lobbying effort is further corroborated by a source reporting on a counter-effort from an opposing group, which acknowledges the 'fintech groups' letter' of support. There is no contradictory evidence within the provided sources; some are simply contextual or irrelevant to the specific claim about lobbying the Trump administration. The high degree of corroboration across multiple independent and authoritative news outlets makes the statement very likely to be true.
Summary
A coalition of U.S. crypto, fintech, and retail groups, including the Blockchain Association and Crypto Council for Innovation, has urged the CFPB to preserve consumer protections in its proposed Rule 1033. They warned that fees for data access could disrupt connections between U.S. banks and digital wallets, stifling innovation and competition. They also pointed to the open banking frameworks in the UK and Singapore as examples of countries that have successfully implemented consumer data access policies.
Terms & Concepts
- CFPB (Consumer Financial Protection Bureau): A U.S. government agency that enforces consumer financial laws and promotes fair access to financial services.
- Open Banking: A financial services model that allows third-party providers to access consumer banking data with consent, enabling new products and services.