American Fintech Council urges CFPB to stop Open Banking fees

The American Fintech Council (AFC) has entered the already muddy waters of the US Open Banking market, urging the CFPB to maintain the principles underpinning Open Banking and protect consumers’ rights to control and share their own financial data.

In a formal comment submitted to the Bureau, the AFC pressed regulators to uphold fee prohibitions and preserve the framework that allows consumers to access innovative financial tools without cost barriers.

A Call to Protect Consumer Data Rights

CFPB called upon to stop Open Banking fees

The AFC’s response follows the CFPB’s (Consumer Financial Protection Bureau) reconsideration of the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act — a key provision defining consumers’ rights to their own financial information.

The Council warned that permitting financial institutions to charge for data access would undermine responsible innovation and limit consumer choice.

“Consumers have a right to control their own financial data, and use it to access the financial tools that work best for them,” said Phil Goldfeder, Chief Executive of the AFC.

“Imposing fees on consumer data is a direct threat to responsible innovation, competition, and the millions of Americans who rely on fintech tools to manage their finances each day.”

Preserving Innovation and Competition

The AFC’s letter, submitted alongside a joint trade association filing, emphasised that Section 1033 clearly grants consumers the right to access their financial data through trusted representatives or intermediaries.

It also argued that the statute prohibits banks and financial institutions from charging for that access — a stance the Council believes is critical to ensuring a fair and competitive financial marketplace.

The organisation further called on the Bureau to update certain provisions of the earlier final rule, including restrictions on secondary data use and annual reauthorisation requirements.

The AFC contends that these measures, if left unaltered, could stifle responsible innovation and discourage new entrants in the Open Banking ecosystem.

Keeping the US Competitive in Open Banking

“Strong, standards-based Open Banking policies empower consumers and keep the US financial system competitive with leading economies around the world,” said Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at the AFC.

“By preserving fee prohibitions and clarifying the responsible use of consumer-permissioned data, the CFPB can ensure Open Banking continues to grow in ways that benefit 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 build an inclusive, competitive financial system.

As global markets accelerate towards Open Banking, the Council’s intervention underscores the need for the US to balance innovation with consumer protection — ensuring financial data remains a tool for empowerment, not exclusion.