Open Banking Will Keep America at the Forefront of Financial Innovation

Why It Matters

leadership in financial services.

Summary

Sen. Cynthia Lummis argues that robust open banking rules—rooted in Section 1033 of Dodd‑Frank and reinforced by Wyoming’s 2024 pro‑fintech law—are essential to keep the U.S. competitive in digital assets, payments and fintech. She says the Biden administration’s 2024 open banking rule, already challenged by major banks, would enable consumers to share banking data with apps and crypto platforms to lower costs, speed payments and expand access in rural and small‑business markets. Lummis warns that bank resistance and regulatory overreach could entrench incumbents, throttle consumer choice and push innovators overseas, making clear, consumer‑centric data rules the decisive factor for U.S. leadership in financial services.