Open Banking Defended by Financial Groups, Concerns Over Fees Arise

U.S. financial institutions are pushing back against efforts by large banks to impose fees on data access, leading to a collaboration between groups to protect open banking practices. The Blockchain Association, Crypto Innovation Council, National Association of Convenience Stores, and the National Retail Federation have voiced their concerns, urging the Consumer Financial Protection Bureau (CFPB) to maintain the existing provisions in proposed Rule 1033.