TechFlow news, October 21 — According to Cointelegraph, cryptocurrency and fintech industry organizations, including the Blockchain Association and the Crypto Council for Innovation, jointly sent a letter to the U.S. Consumer Financial Protection Bureau (CFPB), urging it to adopt strong open banking rules ensuring that consumers—not banks—control their financial data.
The coalition expressed support for clear consumer data rights and urged the CFPB to finalize open banking rules affirming Americans' ownership of their financial data. The coalition also urged the CFPB to maintain its current prohibition on fees for data access.
The letter stated that open banking is already used by "over 100 million Americans" to access tools such as investment platforms, cryptocurrency wallets, and digital payment applications. However, major U.S. banks are attempting to weaken open banking rules. The Bank Policy Institute, representing major banks such as Wells Fargo, Bank of America, and JPMorgan Chase, has filed a lawsuit challenging the rule.
