Fintech and crypto groups defend open banking from bank-driven rollback

From moneycheck.com

A coalition of crypto, fintech, and retail trade groups is urging the U.S. Consumer Financial Protection Bureau (CFPB) to adopt a firm open banking rule that supports consumers’ control over their financial data. The groups argue that over 100 million Americans depend on open banking to access crypto wallets, investment platforms, and digital finance tools, while major banks are trying to restrict access and impose data-sharing fees. Several industry coalitions, including the Blockchain Association and Crypto Council for Innovation, have submitted a letter to the CFPB. The letter urges the bureau to finalize its ... (full story)