Know what you should know!
Stop Big Banks from Blocking Consumer Financial Data Access
Related Article: Crypto and FinTech bosses urge banks to stop data access fee levy - Cryptopolitan - cryptopolitan.com - Friday, August 15, 2025, 6:43:47 AM Eastern Daylight Time
Target: President of the United States, Department of the Treasury, Office of the Comptroller of the Currency, and Consumer Financial Protection Bureau
Goal: We call on the President and federal regulators to immediately halt the imposition of data access fees by large banks, ensuring that consumers have free and fair access to their own financial information.
Across the country, consumers are being forced to pay exorbitant fees just to access their own financial data. Over 80 CEOs from leading crypto and fintech companies have sounded the alarm: these fees are not about fair pricing, but about consolidating power in the hands of a few big banks. By making it harder for people to connect their bank accounts to innovative financial tools, these banks are blocking competition and threatening the future of financial innovation in America.
Nearly 90% of Americans believe they should control their financial data. Yet, under the current policy, banks are undermining this right, making it more difficult for consumers and small businesses to use the services they need. This move will drive innovation offshore, increase costs for small businesses, and put America’s leadership in fintech, crypto, and AI at risk.
We urge immediate action to stop these anti-competitive fees and protect the principle of consumer choice. Americans must have the freedom to decide how and with whom they share their financial information. The future of our economy depends on it.
Key Demands
- Immediately prohibit large banks from charging data access fees to consumers and third-party financial service providers.
- Enforce existing laws that guarantee consumers' rights to access and share their own financial data.
- Protect and expand consumer choice by supporting open banking and interoperability standards.
- Ensure that small businesses and fintech innovators have fair access to the financial system.
- Launch a federal investigation into anti-competitive practices by major banks regarding data access.
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(C)opyright 2025 - TruthAndResistance.com
(C)opyright 2025 - TruthAndResistance.com