Source: Financial Technology Association
The Financial Technology Association (FTA) filed a response following the Consumer Financial Protection Bureau (CFPB)’s filing requesting a stay in the Forcht Bank, NA vs. CFPB Open Banking case. FTA also released a statement on the CFPB’s filing addressing the Bureau’s effort to reopen and revise the rule.
“Open Banking is foundational to innovation, consumer choice, and a robust and competitive ecosystem for financial services. It raises the bar for safety and security across the ecosystem,” said Penny Lee, president and chief executive officer of the Financial Technology Association.
“Given recent anti-competitive developments in the marketplace, we do not oppose the CFPB’s motion to stay this litigation. We intend to participate in the rulemaking process in good faith in the hopes of achieving a solution that upholds consumers’ fundamental right to their financial information.”
FTA was granted the right to intervene in the Open Banking case on May 14 and filed a motion for summary judgment on June 29, arguing that the existing Open Banking rule is lawful and vital to innovation, competition, and choice.
Last week, FTA led a coalition of fintech, crypto, and Main Street business trades in urging President Trump to uphold Open Banking amid anti-competitive moves from some of the nation’s biggest banks. Open Banking and Americans’ financial data rights remain vital to today’s digital economy and must be upheld.
Further reading: CFPB recognises FDX as standards-setting body under new US Open Banking rule
