80 U.S. Fintech Leaders Urge Trump to Safeguard Open Banking and Consumer Data Rights
In a detailed letter issued by the Financial Technology Association (FTA) and signed by more than 80 CEOs across the U.S. fintech sector, industry leaders urge former President Donald Trump to take a firm stance in favor of open banking and protect consumers’ ability to access and share their financial data amid increasing backlash from large traditional banks.
Fintech CEOs Warn Against “Power Consolidation” by Traditional Banks
Dated August 13, 2025, the open letter — addressed to “The Honorable Donald J. Trump” — underscores the essential role that open banking plays in driving innovation, competition and consumer empowerment across the U.S. financial ecosystem. FTA members argue that without a strong commitment from policymakers, the rapid advances made in the last several years could be reversed.
The CEOs acknowledge that the current administration has helped lay the foundation for data portability and transparency in financial services, but warn that powerful lobbying efforts by a small number of entrenched institutions are now trying to undermine those efforts. As the letter states:
“Granting a small group of incumbent banks exclusive control over consumer data would harm innovation and restrict millions of Americans from accessing lower-cost, higher-quality financial products.”
The executives emphasize that open banking is not just an industry buzzword, but a vital component of financial inclusion for millions of individuals and businesses. According to the FTA, more than 100 million Americans already rely on digital tools built on open access to financial data — from budgeting apps to automated savings and small-business financing platforms.
The signatories note that “the rapid expansion of digital financial services has helped deliver real savings and new opportunities to families and entrepreneurs across the country.” They urge policymakers to remain vigilant against efforts to roll back those gains through regulatory barriers that benefit only a few large institutions.
“The Administration has a unique opportunity to strengthen America’s leadership in financial innovation. But that opportunity will be lost if policymakers succumb to pressure from incumbents seeking to derail open banking under the false premise of ‘consumer protection’.”
The CEOs stress that clear, consistent rules governing access to financial data are essential for the next generation of fintech products to emerge. They specifically call on Trump to reaffirm support for Section 1033 of the Dodd-Frank Act and to ensure that the Consumer Financial Protection Bureau (CFPB) moves forward quickly with rulemaking that protects consumers’ right to choose how their data is used.
In closing, the letter states:
“We respectfully request that you stand with consumers and innovators by rejecting any proposal that would impede the free flow of financial information between consumers and the trusted providers they choose.”
By signing the letter collectively, the more than 80 fintech leaders seek to send a clear message: innovation flourishes when consumers — not incumbent institutions — control their data, and any attempt to limit that control would represent a significant step backward for the entire U.S. financial system.
