"Banking Data Fees Innovation Threatens in the US"

A coalition of crypto, financial technology, and retail groups based in the US has called on the consumer protection agency to uphold strong open banking rules. The coalition warns that the efforts of large banks to charge fees for data access could weaken innovation and competition in the financial sector.

The weakening of open banking could lead to the Rule 1033 becoming ineffective, causing the US to fall behind other jurisdictions that have established open banking frameworks.

ABD, crypto, open banking, financial technology, consumer protection, innovation