Washington, D.C. – Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY) sent a letter to the Consumer Financial Protection Bureau (CFPB) expressing strong support for the agency’s open banking rule and urging that it remain intact.
Open banking, mandated by section 1033 of the Dodd-Frank Act, requires that consumers have access to and ownership of their own financial data. The rule would enable consumers to securely share their banking information with financial technology companies, digital asset exchanges, and other third-party service providers of their choosing. Without clear open banking rules, large banks could restrict consumer access to digital asset platforms and other innovative financial services for political reasons.
“Large banks have shown they’ll restrict access for political reasons, targeting industries and individuals they disagree with, including gun manufacturers, digital assets, churches, and even President Trump,” wrote Lummis. “We cannot empower the opponents of digital assets to rewrite the rules in their favor, stifle innovation, and increase costs. Throwing up barriers would drive entrepreneurs overseas and weaken America’s leadership in financial technology.”
A full copy of the letter can be found here.
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