A coalition representing U.S. cryptocurrency, fintech, and retail sectors has raised alarms over proposed fees by major banks for accessing consumer financial data. In a recent letter to the Consumer Financial Protection Bureau (CFPB), the group emphasized that such charges could hinder critical connections between traditional banking systems and digital finance services like stablecoins and crypto wallets.
The coalition includes prominent organizations such as the Blockchain Association, the Crypto Council for Innovation, the National Association of Convenience Stores, and the National Retail Federation. Together, they called on the CFPB to preserve essential consumer protections outlined in its upcoming Rule 1033.
Rule 1033 is designed to grant consumers the unequivocal right to share their financial information freely with third-party providers. This capability enables bank accounts to interact seamlessly with cryptocurrency exchanges, stablecoin wallets, and a variety of fintech applications that rely on open banking access.
The coalition expressed concern that some large banks are lobbying to narrow the definition of who can act as a consumer representative, alongside proposing fees for data retrieval. The group warned that these measures could consolidate power among established financial institutions, stifle competition, and disrupt digital wallets’ and stablecoins’ integration with the U.S. banking system.
“A robust open banking rule is essential to fostering a dynamic and innovative financial services environment,” the coalition’s letter stated. They noted how many recent financial innovations have emerged under the expectation that the United States would continue advancing open banking policies.
While banking institutions point to increased costs associated with open banking implementation, such as investments in cloud infrastructure and technology platforms, the coalition described these expenses as standard operational costs for modern banks globally.
The groups also highlighted that weakening Rule 1033 could place the U.S. behind other countries that have already embraced open banking frameworks, including the United Kingdom, Singapore, and Brazil. These nations have established regulatory environments that encourage consumer control and third-party innovation.
“Maintaining strong open banking regulations is critical for the U.S. to remain competitive on the global stage,” the coalition asserted, urging the CFPB to finalize Rule 1033 without yielding to efforts by major banks to impose fees on accessing Americans’ own financial data.
The CFPB’s decision on Rule 1033 will likely have significant implications for the future of financial data sharing, digital wallets, and stablecoin adoption across the United States.
