Joint letter calls on the CFPB to finalize an open banking rule that preserves consumers' right to access and share their financial data  

Washington, D.C. (July 14, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, joined the Financial Technology Association, Blockchain Association, Chamber of Progress, Crypto Council for Innovation, Financial Data and Technology Association, National Association of Convenience Stores, National Retail Federation, and Retail Industry Leaders Association, in a joint letter sent to Acting Consumer Financial Protection Bureau (CFPB) Director Russell Vought urging the Bureau to finalize an open banking rule that is free of data access fees and data rationing thresholds.

The letter comes as the Administration implements President Trump's executive order, "Integrating Financial Technology Innovation Into Regulatory Frameworks," which calls for removing barriers to innovation and expanding access to financial services. The coalition argues that allowing Wall Street banks to charge consumers for access to their own financial data, or to cap how often that data can be pulled, would run counter to the executive order's goals and to the consumer data rights already guaranteed under Section 1033 of the Dodd-Frank Act.

"Consumers should have the freedom to access and securely share their own financial data without unnecessary barriers, and we thank FTA and our coalition partners for their partnership and collaboration,” said Phil Goldfeder, CEO of the American Fintech Council. “A strong open banking framework that rejects data access fees and rationing thresholds will promote competition, expand consumer choice, and ensure innovative financial products can continue delivering the services Americans rely on every day. We appreciate the Administration's commitment to fostering responsible innovation and look forward to working with the CFPB to finalize a rule that puts consumers first."

The letter also highlights that data rationing proposals are unlawful and unworkable and ignore how modern financial products actually function. Many such products, offered by banks and fintechs alike, require real-time data access to deliver the reliable, secure service consumers expect and have authorized. Large banks are already throttling this access; codifying a threshold would only hand them more room to do so, at consumers' expense.

A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of over 150 member companies and partners, AFC promotes a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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