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Federal rule would harm consumers, conflict with Trump agenda, critics say

A new federal rule on open banking may let banks charge fees for consumer data access, which critics say would harm consumers and conflict with President Trump's agenda.
Open banking allows consumers to authorize banks to securely share their financial data with third-party providers.
The Biden administration's 2024 rule required banks to provide data to third parties without charging fees, while the Trump-era proposal would allow banks to charge volume-based fees to fintech companies.
Todd Zywicki warned that fees charged to third parties would ultimately be passed on to consumers, and advocacy groups argue that the proposal violates President Trump's executive order promoting financial innovation.

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Purdue Exponent

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Center

Federal rule would harm consumers, conflict with Trump agenda, critics say

(The Center Square) – A forthcoming federal rule on open banking may allow banks to charge new fees for access to consumer data, a move critics say would harm consumers and runs counter to other parts of President Donald Trump’s…

5 days ago

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Zero Hedge

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Your Bank Data Could Become A Profit Center - And You'll Pay the Price

Your Bank Data Could Become A Profit Center - And You'll Pay the Price Authored by Morgan Sweeney via The Center Square, A forthcoming federal rule on open banking may allow banks to charge new fees for access to consumer data, a move critics say would harm consumers and runs counter to other parts of President Donald Trump's agenda. Open banking allows consumers to authorize banks and other financial institutions to securely share their financi…

2 days ago·Sofia, Bulgaria

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