NACS and its cosigners this week sent a letter to the Trump Administration asking it to protect open banking, preserve consumer financial data rights and secure America’s continued leadership in financial innovation.

“These large, incumbent banks are taking aggressive action to unwind the recent progress achieved under your Administration by moving to charge exorbitant fees for access to fintech and crypto apps. These actions risk debanking Americans from the financial services of the future, all to protect big banks’ competitive advantage,” the letter said.

The letter stated that the heart of the issue is the open banking rule initiated during Trump’s first term. The rule safeguards Americans’ right to securely connect their bank accounts to the apps and services of their choice—whether it’s a digital asset wallet, a payment app or an investing tool. The rule “raised the bar for safety and security and established commonsense standards that benefit the entire ecosystem, including banks, fintechs and digital asset firms. It also ensured that innovation in the U.S. financial system was the envy of the world.”

NACS and its cosigners are urging the Administration to right this wrong. The letter suggests that the next critical moment comes on July 29, when the government must file a brief in the open banking lawsuit. When it does so, the signers are urging the Administration to ask the court to affirm that consumers, not big banks, control their financial data and have the right to access and share it with companies of their choice at no cost.

“This is not a partisan issue. It is about preserving fair competition, consumer choice and American leadership in financial innovation,” the letter said.