U.S. Senator Cynthia Lummis has called on the Consumer Financial Protection Bureau (CFPB) to swiftly finalize a rule on open banking, emphasizing its importance for integrating digital assets into the U.S. economy and protecting consumers’ rights to their financial data.
In a letter to Acting CFPB Director Russell Vogt, Lummis expressed her strong support for the new regulation, urging the agency to move quickly to implement it. She noted that major banks have historically restricted access to accounts for sectors they oppose—including cryptocurrency firms—and stressed that open banking is essential to prevent such gatekeeping.
“Without open banking rules, consumers cannot connect their bank accounts to chosen crypto exchanges. Many major bank CEOs openly oppose digital assets,” Lummis wrote on X (formerly Twitter). She highlighted that open banking fosters competition and allows consumers to securely share their financial information with crypto platforms and stablecoin issuers, enabling faster and cheaper payments.
The senator pointed out that open banking also benefits small businesses and farmers by improving access to credit and cash flow management. Fintech tools can provide flexible payments, financing, and invoicing, but only if consumers maintain control over their data.
Lummis referenced Section 1033 of the Dodd-Frank Act (2010), which requires the CFPB to ensure consumers can access their financial data. While she has criticized aspects of the law in the past, she called the open banking provision “a bright spot” for innovation.
Several states, including Wyoming, have already adopted legislation encouraging open banking, positioning themselves as hubs for digital asset companies. Open banking rules officially took effect on October 22, 2024, allowing consumers to securely share financial data through APIs, creating the technical foundation for linking bank accounts to crypto platforms.
Industry groups, such as the Blockchain Association and the Crypto Council for Innovation, have urged the CFPB to ensure that Americans—not large banks—retain ownership of their financial information. Lummis concluded that the CFPB has a chance to safeguard innovation and strengthen U.S. leadership in financial technology by putting consumers at the center of regulation.
“America is the birthplace of financial innovation, and digital assets are the next frontier. Responsible builders should be supported, not buried under bureaucracy. When consumers have freedom and entrepreneurs fair competition, everyone wins,” she said.
