Fintech and Crypto Groups Urge CFPB to Finalize Strong Open Banking Rule

A coalition of fintech, crypto, and retail trade organizations, including the Blockchain Association and the Crypto Council for Innovation, has called on the U.S. Consumer Financial Protection Bureau (CFPB) to implement a strong open banking rule that prioritizes consumer ownership and control of financial data, rather than leaving it in the hands of banks.

Key points:

• A coalition of fintech, crypto, and retail groups is urging the CFPB to finalize a strong open banking rule that ensures consumers, not banks, control their financial data.
• The groups emphasize maintaining the ban on data access fees to protect competition, innovation, and fair market practices.
• Changes in open banking rules could directly impact SHIB holders by improving trading access, wallet integrations, liquidity, and overall adoption across crypto markets.

The letter was issued in response to the CFPB’s review of the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act, which will determine how consumers can share their financial information with third-party providers. The coalition expressed strong support for clear consumer data rights, urging the CFPB to finalize an open banking rule that ensures Americans, not major banks, retain ownership of their financial data.

“A strong open banking rule is crucial to a competitive, flourishing, and innovative financial services ecosystem,” the letter stated. 

The coalition also urged the CFPB to maintain the existing prohibition on data access fees, emphasizing that such fees would undermine a free and competitive market. They noted that the current ban is already well-established under existing law and should remain in place to protect consumer access and innovation.

“Americans have a fundamental right to financial freedom. That means American families, not the nation’s biggest banks, should make the financial decisions that work best for them. This rulemaking presents an opportunity to empower consumers, protect fair market competition, and secure America’s financial future,” the letter stated. 

How New Banking Rule Could Shape SHIB Trading, Liquidity, and Adoption

Regulatory changes in financial data access and open banking could have a direct impact on SHIB investors. Easier data portability between banks, exchanges, and payment apps could streamline trading access and improve wallet integrations, allowing SHIB holders to move assets and verify transactions more efficiently.

Enhanced data transparency could also boost liquidity across exchanges, making SHIB easier to buy, sell, and use within the broader crypto market. However, overly restrictive data-sharing rules could have the opposite effect, limiting third-party access to banking APIs, complicating fiat on-ramps, and slowing adoption.

For SHIB holders, the outcome of these open banking rules may determine whether their ecosystem becomes more interoperable and accessible, or increasingly siloed from traditional finance.

Read More

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.