The Trump administration, initially poised to dismantle the Biden-era CFPB “open banking” rule, reversed course after intense lobbying from crypto, fintech, and retail groups, including public support from figures like Tyler Winklevoss of Gemini and Donald Trump Jr. The CFPB will now pursue an expedited rulemaking process to revise the policy which governs consumer financial data access under Dodd-Frank section 1033, with a key battle over whether banks can charge third-party fintech providers for that data. The whole episode highlights the growing political influence of the crypto industry in Washington and underscores the ongoing tension between traditional banks seeking compensation for data infrastructure and fintech/crypto firms advocating for free, mandated access with consumer permission.
Crypto Crashes CFPB Open Banking Rule
