U.S. Coalition Fights Banks’ Fees to Protect Open Banking Rule

U.S. Crypto and Fintech Coalition Urges CFPB to Protect Open Banking Rule 1033 Against Bank-Imposed Data Access Fees

  • A coalition of U.S. crypto, fintech, and retail groups supports open banking protections under Rule 1033.
  • The groups warn that big banks are pushing to charge fees for data access, which could limit connections to digital wallets and stablecoins.
  • Rule 1033 would allow consumers to share their financial data freely with third-party services.
  • The coalition argues that data access fees would harm competition and innovation in the financial sector.
  • They urge the Consumer Financial Protection Bureau (CFPB) to finalize Rule 1033 without concessions to large banks.

A coalition consisting of U.S. crypto, fintech, and retail organizations has appealed to the Consumer Financial Protection Bureau (CFPB) to protect open banking rules in the upcoming Rule 1033. The groups warn that efforts by major banks to impose fees for accessing customer financial data could disrupt connections between the banking system and digital services such as crypto exchanges, stablecoin wallets, and fintech platforms.

- Advertisement -

The coalition includes the Blockchain Association, the Crypto Council for Innovation, the National Association of Convenience Stores, and the National Retail Federation. They emphasize that Rule 1033 would grant consumers the right to share their financial information without charge, enabling seamless integration with third-party financial services.

In a joint letter, the group states that big banks are lobbying to limit who qualifies as a consumer representative and to introduce charges for data access. They argue that such changes would strengthen established banks, reduce competition, and weaken the links between digital platforms and the banking system.

“A strong open banking rule is crucial to a competitive, flourishing, and innovative financial services ecosystem,” the letter notes. The coalition also highlights that the costs banks associate with open banking—such as cloud storage and technology infrastructure—are normal expenses faced by modern financial firms globally.

The coalition warns that rolling back Rule 1033 could cause the U.S. to fall behind other countries like the U.K., Singapore, and Brazil, where open banking systems are already in place. They urge the CFPB to finalize the rule without yielding to what they call attempts by the largest banks to tax access to Americans’ own financial data.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

CryptoQuant: Whale ‘Reaccumulation’ Narrative Overstated Now

Onchain data from CryptoQuant indicate claims of large-scale Bitcoin reaccumulation by whales are overstated.Exchange...

XRP Eyes Rally as ETFs and Buy Signal Boost 2026 Hopes Surge

Ripple settled its US lawsuit in 2025, helping XRP reach a $3.65 all-time high...

Bitfinex Hacker Ilya Lichtenstein Freed Early via First Step

Ilya Lichtenstein was released from prison after serving 14 months of a five-year sentence...

Waymo’s 2026 Expansion Could Drive Big Gains for GOOGL Surge

Alphabet rallied more than 60% in 2025 and enters 2026 with investor optimism tied...

Tesla shares slip as Q4 deliveries deemed largely neutral US

Tesla delivered 418,227 vehicles in Q4, slightly below the 422,850 company-polled consensus and last...
- Advertisement -

Must Read

What Is Bcrypt Password Hashing Function?

KEY TAKEAWAYSBcrypt is a password hashing function that transforms plain passwords into unique alphanumeric sequences.It is a one-way process, ensuring that passwords cannot be...
Bitcoin (BTC) $ 90,106.00 1.94%
Ethereum (ETH) $ 3,132.90 4.85%
XRP (XRP) $ 2.02 7.81%
Bittensor (TAO) $ 248.41 9.26%
Polkadot (DOT) $ 2.14 7.15%
Cardano (ADA) $ 0.391058 9.54%
Chainlink (LINK) $ 13.37 6.71%
Hyperliquid (HYPE) $ 24.50 1.52%
Monero (XMR) $ 420.81 0.50%
Hedera (HBAR) $ 0.121629 7.11%
Toncoin (TON) $ 1.81 6.58%