NACS, along with the Financial Technology Association, American Fintech Council, Blockchain Association, Crypto Council for Innovation, Financial Data and Technology Association, National Grocers Association and National Retail Federation, sent a letter this week to the Consumer Financial Protection Bureau (CFPB) urging the agency to finalize a strong open banking rule that protects consumers’ rights to their financial data.

“Over 100 million Americans rely on open banking to access affordable, easy-to-use tools that help them take control of their financial lives and manage their businesses,” the coalition wrote. “These include digital payment apps, investment platforms, cryptocurrency wallets and AI-powered financial assistants.” These services drive competition, create jobs and give Americans greater freedom to meet their financial needs, the letter stated.

The coalition urged the CFPB to take two critical actions as it writes a new Section 1033 open banking rule:

1) Uphold Established Definition of “Representative”: The CFPB issued the open banking rule under clear statutory authority granted by Congress, which defines a “consumer” as “an individual or an agent, trustee or representative acting on behalf of an individual.” The coalition called on the Bureau to uphold the established definition of “representative” that allows consumers to share their data with third-party services of their choosing.

2) Preserve the Prohibition on Data Access Fees: The coalition strongly opposed allowing big banks to charge fees for consumer data access, noting that the statutory language is clear: banks “shall make available” consumer financial data “upon request,” not upon charging a fee. “This isn’t a suggestion or a service banks can charge for—it’s a legal requirement,” the letter states. “Allowing banks to charge fees would let them pass their everyday operating costs onto consumers and competitors, which would undermine competition and consumer choice.”

NACS also sent its own letter along with the International Franchise Association to ensure the agency is fully aware of the impact this policy would have on American consumers and their future financial choices, particularly when they look to transact with Main Street businesses across the nation.

“The markets for consumer-to-business payments in the United States today, which are dominated by legacy banks and credit card companies, are simply broken. The market is not competitive and has not kept pace with innovations that have taken hold in much of the world. While the United States should be a leader in payments innovation, it is not. U.S. consumers, businesses and the economy as a whole suffer as a result,” the letter stated.

NACS also supports the Merchant Payments Coalition (MPC), which sent a letter about how swipe fees are also being affected by the Advanced Notice of Proposed Rulemaking on Personal Financial Data Rights Reconsideration.

“Congress, through the Dodd-Frank Act’s Section 1033, made clear that consumers have the right to access their own financial information. The statute is unambiguous: consumers should be able to access their financial data without being charged for it, and the statute does not dictate who the consumer may ask to serve as an intermediary. The choice of intermediary is the consumer’s alone. Consumers should be free to authorize the financial technology provider, payments platform or other third party of their choosing to access and use their data securely on their behalf,” the MPC wrote.