Fintech and Cryptocurrency Push Back Against CFPB’s Proposed Data Fee Regulations

In the dynamic landscape of digital finance, concerns are mounting about the potential impact of a proposed regulation by the Consumer Financial Protection Bureau (CFPB) on consumer data fees. Fintech and cryptocurrency businesses are challenging this move, arguing that it could disrupt open banking models and hinder innovation. They fear increased costs for accessing customer data could impede industry players’ ability to deliver seamless financial services. Open Banking – a key driver of competition and consumer choice in the U.S. financial system – would be particularly affected, as businesses may face barriers to participation due to these fees.