Fintech and Crypto Leaders Unite to Back CFPB’s Open Banking Rule Amid Banking Sector Pushback

Highlights:

• Fintech and crypto groups urge the CFPB to protect consumers’ right to control and share their financial data.
• Banks face pressure from advocacy groups to stop blocking fair access and competition in the digital finance sector.
• The open banking rule will decide if consumers keep control of their financial data or banks regain that power.

Several leading fintech and crypto advocacy groups are pressing the Trump administration to safeguard Americans’ right to control their financial data. The coalition, which includes the Blockchain Association, Crypto Council for Innovation, and Financial Technology Association, sent a joint letter to the Consumer Financial Protection Bureau (CFPB) on Tuesday. They warned that banks are attempting to weaken consumer data sharing and block competition.

Crypto and Fintech Groups Urge Trump Admin to Defend CFPB Open Banking Rule

As Trump's second term begins, the U.S. financial regulatory landscape faces significant shifts. Crypto and fintech industry groups recently sent a joint letter to the White House, strongly urging the… pic.twitter.com/zhwdij0Pzk

— Chloe | KeyPro ◾️ (@Chloe_HashKey) October 21, 2025

The groups said financial data belongs to individuals, not large financial institutions. They called on CFPB to complete a robust personal financial data rights rule under Section 1033 of the Dodd-Frank Act. The rule would allow consumers to share their financial data securely with verified third-party applications, crypto wallets, and electronic payment systems.

Advocates claimed that such rights facilitate innovation, transparency, and competition in the financial system. They also pointed out that the United States runs a risk of falling behind other parts of the world. Economies such as the United Kingdom, Brazil, and the European Union have also set up policies that protect the information held by consumers and give them the freedom to decide on the sharing of their financial information.

The groups estimated that more than 100 million Americans rely on open financial tools to manage their investments, pay bills, and run businesses. They added that restricting such access would stifle economic growth and limit financial inclusion.

Banks Intensify Pushback as Policy Debate Over Data Access Deepens

Major U.S. banks have strongly opposed the CFPB’s proposed data-sharing rule. The Bank Policy Institute, an umbrella of large institutions such as JPMorgan Chase, Bank of America, and Wells Fargo, sued the CFPB shortly after the rule was finalized in October last year. The lawsuit argues that the agency exceeded its authority and that unrestricted data access may expose consumers to privacy and security risks.

The CFPB said it would reopen the rule for review earlier this year, pausing litigation as public debate continued. However, fintech leaders view the lawsuit and related actions as attempts to slow progress. Bloomberg recently reported that JPMorgan planned to start charging fintech firms for accessing customer data, triggering fresh industry criticism.

Advocacy groups said introducing such fees would restrict fair access and give big banks control over financial pipelines. They urged regulators to preserve the current ban on data-access fees to maintain a free and competitive market. Tyler Winklevoss, co-founder of Gemini, also weighed in. He said that banks want to “tax and control” user data, reducing consumer choice and financial freedom.

Banks want to gut the Open Banking Rule (1033) so they can tax and control your financial data and remove your freedom to choose the services you want. This is bad for crypto and financial innovation in America.

Now is your chance to speak up by submitting a comment letter (link…

— Tyler Winklevoss (@tyler) October 20, 2025

Fintech representatives suggest that open financial access can make consumers manage different accounts and be able to change services with ease. They say such connectivity fuels innovation, supports small businesses, and strengthens consumer protection through transparency.

Future of the Open Banking Rule Hinges on CFPB’s Final Decision

The CFPB’s open banking rule faces a critical moment as the comment period nears its end. Industry coalitions are urging the bureau to finalize the rule without delay. They believe swift action will ensure the United States maintains a fair and competitive digital finance environment.

The groups said strong open banking protections would reinforce trust between financial service providers and users. They added that finalizing the rule would enhance U.S. competitiveness against countries that have already adopted similar frameworks. Regulators are expected to review the final round of comments before releasing an updated version of the rule.