AFC, in addition to joint trade effort, is calling for protection of consumers’ right to their own financial data in response to Bureau ANPR

Washington, D.C. (October 21, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, submitted comments to the Consumer Financial Protection Bureau (CFPB) regarding its reconsideration of the Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. AFC urged the Bureau to preserve consumers’ right to access and share their financial data, prohibit data access fees, and ensure the United States remains a global leader in open banking.

“Consumers have a right to control their own financial data, and use it to access the financial tools that work best for them,” said Phil Goldfeder, CEO of the American Fintech Council. “Imposing fees on consumer data is a direct threat to responsible innovation, competition, and the millions of Americans who rely on responsible fintech tools to manage their finances each day.”

AFC’s comment letter, submitted in addition to a broader joint filing alongside other trade associations, emphasizes that Section 1033 clearly establishes consumers’ right to access their data through an agent, trustee, or representative, and that the Act’s language clearly prohibits financial institutions from charging for such access. AFC also called on the Bureau to modernize certain provisions of the previous final rule, including overly restrictive limits on the secondary use of consumer data and annual reauthorization requirements, both of which risk curbing responsible innovation and reducing consumer choice.

“Strong, standards-based open banking policies empower consumers and keep the U.S. financial system competitive with leading economies around the world,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “By preserving the existing fee prohibitions and further clarifying how responsible innovators can use consumer-permissioned data, the CFPB can ensure the open banking market continues to grow in a way that benefits consumers, innovators, and the broader economy.”

In the letter, AFC also reaffirmed its commitment to working with the CFPB and Trump Administration to strengthen consumer data rights and foster a thriving, inclusive financial marketplace.

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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