Senator Cynthia Lummis (R-WY), who chairs the Senate Banking Subcommittee on Digital Assets, has expressed strong support for the Consumer Financial Protection Bureau’s (CFPB) proposed open banking rule. In a letter to the CFPB, Lummis emphasized the importance of keeping the rule unchanged.
The open banking rule, which is mandated by section 1033 of the Dodd-Frank Act, is designed to give consumers access to and control over their financial data. This would allow individuals to securely share their banking information with financial technology companies, digital asset exchanges, and other third-party service providers.
Lummis raised concerns that, without clear open banking regulations, large banks could limit consumer access to digital asset platforms and other financial services for political reasons. She stated, “Large banks have shown they’ll restrict access for political reasons, targeting industries and individuals they disagree with, including gun manufacturers, digital assets, churches, and even President Trump. We cannot empower the opponents of digital assets to rewrite the rules in their favor, stifle innovation, and increase costs. Throwing up barriers would drive entrepreneurs overseas and weaken America’s leadership in financial technology.”
A full copy of the letter is available online.
