AFC urges court to uphold open banking rule, preserve consumer protections, and support responsible innovation

Diverse membership of leading fintech companies and innovative banks makes AFC uniquely positioned to offer alternative voice in support of rule

Washington, D.C. (July 7, 2025) – The American Fintech Council (AFC), the premier industry association representing both responsible fintech companies and innovative banks, filed an amicus brief in Forcht Bank, N.A. et. al. v. Consumer Financial Protection Bureau, et. al., a case that ensures consumers’ ability to access and control their financial data and protect their rights under Section 1033 of the Dodd-Frank Act, also known as the Personal Financial Data Rights or Open Banking rule. The brief urges the U.S. District Court for the Eastern District of Kentucky to uphold the rule as a lawful, necessary framework for a secure and consumer-centered open banking system. The amicus supports the recently filed motion for summary judgement by the Financial Technology Association, an intervenor in the case that is now defending the rule in court.

“The CFPB’s open banking rule is a meaningful step forward that empowers consumers and enables innovation,” said Phil Goldfeder, CEO of the American Fintech Council. “Although we still have concern with certain provisions, the rule ensures that consumers have safe, reliable access to their financial data while providing clear expectations for financial institutions and third-party providers. Upholding it is critical for the continued evolution of secure, competitive, and inclusive financial services.”

In the brief, AFC urges the court to affirm the rule’s interpretation of the term “consumer” to include certain authorized third parties, allowing them to access financial data with clear consumer permission. AFC also supports the final rule’s clarity around data security and third-party risk management, as well as its allowance for the development of consensus-based technical standards. AFC further argues that the decision not to create new liability rules, and to not directly supervise all third parties, was a reasonable, pragmatic approach within the CFPB’s legal authority.

“The open banking rule offers clear guidance without overreach,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “Consumers deserve tools that help them manage their financial lives, and responsible fintech companies deserve regulatory certainty. This rule delivers both, and we’re proud to support it.”

In addition, AFC offers a distinct middle-ground perspective, providing valuable insight for the Court in evaluating the competing motions for summary judgment. AFC represents a diverse group of smaller banks, credit unions, and fintech companies that support open banking innovation and rely on fintech partnerships to compete. This unique composition allows AFC to present a different view on the CFPB’s rules, reflecting the practical realities faced by smaller financial institutions and responsible fintech companies seeking to innovate and compete in the financial services marketplace.

“AFC brings a unique perspective to this case and the issues raised by the parties that would benefit the Court in construing the competing Motions for Summary Judgment pending before it,” wrote AFC in their brief.

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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