The AFC has called on the CFPB to maintain key protections for open banking and consumer data access under the Dodd-Frank Act.
In its formal comment submission to the CFPB, the AFC emphasised the importance of preserving consumers’ right to control and share their own financial data. The council warned that imposing fees for data access could undermine innovation, competition, and financial inclusion across the United States.
American Fintech Council CEO Phil Goldfeder said, “Consumers have a right to control their own financial data, and use it to access the financial tools that work best for them. Imposing fees on consumer data is a direct threat to responsible innovation, competition, and the millions of Americans who rely on responsible fintech tools to manage their finances each day.”
The AFC’s submission was made in response to the CFPB’s reconsideration of the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The organisation’s letter reaffirmed that Section 1033 gives consumers the right to share their data through agents, trustees, or representatives and clearly prohibits financial institutions from charging for such access.
The letter also highlighted the need to modernise certain provisions from the previous final rule. Specifically, the AFC called on the Bureau to revise overly restrictive limitations on the secondary use of consumer data and to reconsider annual reauthorisation requirements, both of which could slow responsible innovation and limit consumer choice.
AFC senior vice president and head of policy and regulatory affairs Ian P. Moloney said, “Strong, standards-based open banking policies empower consumers and keep the U.S. financial system competitive with leading economies around the world. By preserving the existing fee prohibitions and further clarifying how responsible innovators can use consumer-permissioned data, the CFPB can ensure the open banking market continues to grow in a way that benefits consumers, innovators, and the broader economy.”
The AFC reaffirmed its commitment to collaborating with the CFPB and the Trump Administration to strengthen consumer data rights and promote a transparent, inclusive, and customer-focused financial ecosystem. The council continues to advocate for public policies that support responsible innovation and foster competition across the U.S. financial landscape.
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