Crypto and Fintech Groups Beg CFPB to Get Moving on Open Banking Rule – It’s About Time!

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Well, well, well. Look who’s finally getting vocal about consumer rights in the world of finance. A coalition of crypto, fintech, and banking groups (you know, the ones who actually care about your financial freedom) are urging regulators to, like, actually do something for a change. They’re pushing the Consumer Financial Protection Bureau (CFPB) to finally wrap up the whole “Open Banking Rule” thing that’s been floating around for ages. #GetItTogether

Among the usual suspects, you’ve got the Blockchain Association, Crypto Council for Innovation, and the Financial Technology Association (because who else would be involved in trying to stop Big Banks from taking over your financial life?). These groups have submitted comments to the CFPB, hoping to remind them that people actually care about their personal financial data, and it shouldn’t be in the hands of a few powerful, slightly-evil-looking executives. 😒

In case you were wondering, this rule would allow consumers to, you know, safely share their financial information with third-party services (like your favourite crypto exchange or that app you use to make sure your savings aren’t evaporating). And, as it turns out, a lot of Americans are already doing it-over 100 million of them, to be exact! But the groups are worried because surprise, Big Banks want to roll it all back. Shocking, right?

Rights “Under Attack” (And Not in a Fun Way)

Apparently, those big, bloated banks want to strip away the progress made in consumer financial rights-basically, they want to crush competition and keep all that sweet data for themselves. Not to be dramatic, but the groups are warning that your rights are “under attack” (and no, it’s not from a bunch of rogue hackers, it’s from your friendly neighbourhood bank). 🏦

In their heartfelt plea, they pointed out that those same big banks are determined to “gut” the open banking rule so they can tax, control, and basically own your financial data. Why? So they can, of course, protect their monopoly. Because who needs competition when you’ve already got the whole financial world by the short and curlies, right?

What’s the Solution? Well, They’ve Got Ideas…

Here’s the thing: these groups aren’t just complaining for the sake of complaining. (Though, honestly, who can blame them?) They’ve got some solid suggestions:

  • First, confirm that Americans can control and share their financial data securely. (Because duh, we should be able to do that, right?)
  • Second, maintain the ban on data access fees. This is key to making sure the market stays free and competitive (which, surprise, benefits you). 💸

And if that wasn’t enough, the groups are asking the CFPB to stop dragging their feet and give businesses some predictable timelines-because, apparently, no one has time for endless delays when there’s a chance to make things better. 🙄

In case you missed it, last year the CFPB passed a rule requiring banks and credit unions to share your data with you or authorized third parties. But, of course, the Bank Policy Institute isn’t thrilled about it (they think it’s a privacy nightmare). So, they decided to sue. And now, the CFPB is reopening the rule. I mean, great, right?

Tyler Winklevoss Reacts (Spoiler: He’s Not Happy)

Enter Tyler Winklevoss, co-founder of Gemini and all-around crypto cheerleader. He’s pretty vocal about the whole thing, saying, “Banks want to gut the Open Banking Rule (1033) so they can tax and control your financial data and remove your freedom to choose the services you want. This is bad for crypto and financial innovation in America.” Not exactly a ringing endorsement for Big Banks. 🤦‍♀️

Banks want to gut the Open Banking Rule (1033) so they can tax and control your financial data and remove your freedom to choose the services you want. This is bad for crypto and financial innovation in America.

Now is your chance to speak up by submitting a comment letter (link…

– Tyler Winklevoss (@tyler) October 20, 2025

But here’s the thing: these groups aren’t just throwing a tantrum. They’re serious. A strong open banking rule isn’t just a nice-to-have, it’s an absolute must to keep the financial ecosystem competitive and innovative (and let’s be real, we all need more competition). It would put the U.S. on par with other countries like the UK, Singapore, Brazil, India, Japan, Canada, and the EU-all of which are already protecting consumers’ data rights. If that’s not a wake-up call, I don’t know what is.

So, here’s the bottom line: If we let Big Banks limit these rights, we’re not just killing current progress-we’re also tanking America’s competitive edge and future innovation, especially in the fast-paced world of AI. And, frankly, none of us want to be left behind. 💡

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2025-10-21 16:17