AFC joins other leading national trade associations in calling for support of Section 1033 amid legal threats and attacks from the nation’s largest banks

Washington, D.C. (July 24, 2025)– The American Fintech Council (AFC), the premier industry association representing both responsible fintech companies and innovative banks, joined a coalition of leading trade associations in a letter  urging the Trump Administration to defend the Consumer Financial Protection Bureau’s (CFPB) Section 1033 open banking rule. This framework guarantees consumers the right to securely share their financial data with the apps and services of their choice, empowering millions of Americans to manage their finances more effectively and access innovative financial tools.

“Safeguarding consumers’ rights to their financial data is fundamental to preserving a fair and competitive marketplace,” said Phil Goldfeder, CEO of the American Fintech Council. “Efforts by these large, incumbent banks to undermine the open banking rule could limit the availability of financial tools that tens of millions of Americans rely on every day. We are proud to join other leading industry voices in urging the Administration to stand with consumers, small businesses and innovators to defend this rule in court.”

Some of the nation’s largest banks have raised legal and operational challenges to the open banking standards, including filing lawsuits to delay the rule’s implementation and introducing new fees and restrictions that could limit how consumers share their financial data. Such measures threaten to reduce consumer choice, hinder competition, and slow the pace of innovation that benefits Americans nationwide. AFC calls on the Trump administration to reaffirm its commitment to consumer financial data rights by filing a brief in the open banking lawsuit by July 29 in support of the rule.

“The ability for consumers to securely access and direct their financial data drives innovation, competition, and better outcomes across the industry” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “Upholding the principles of the 1033 rule and its key features—notably, its prohibition on charging fees for authorized access to consumer data—is essential to ensuring consumers have the freedom to choose the financial services that work best for them, and continue to benefit from new responsible innovations enabled by open banking for years to come.”

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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