Crypto, Fintech Push Back Against Banks’ War on Open Banking

Why It Matters

Finalizing the rule could reshape market dynamics by empowering fintechs and crypto firms to build services around user-authorized data while curbing banks’ gatekeeping power.

Summary

Major crypto and fintech trade groups including the Blockchain Association and the Crypto Council for Innovation urged the CFPB to finalize an open-banking rule that would ensure consumers — not banks — control access to their financial data. The letter frames the push as a response to banks’ efforts to limit data sharing and block third-party access, warning that inaction would stifle competition and innovation in payments, lending and fintech services. Finalizing the rule could reshape market dynamics by empowering fintechs and crypto firms to build services around user-authorized data while curbing banks’ gatekeeping power.