Don’t Let Banks Charge Data-Rationing Fees
President Trump has made affordability a central priority of his second term. Tax relief is putting more money back in the pockets of working Americans. The administration has attacked unnecessary regulations that raise the cost of housing, energy, and everyday goods. The aim is straightforward: reduce barriers, increase competition, and let consumers keep more of what they earn.
That is why recent reports about the Consumer Financial Protection Bureau’s (CFPB’s) forthcoming Section 1033 open-banking rule are so troubling.
According to recent reporting, the Consumer Financial Protection Bureau is considering allowing banks to impose volume-based fees, also known as data rationing, when consumers use third-party financial applications to access their own financial data. That would be a serious mistake.
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