TechNet Urges CFPB to Ensure Clarity, Data Security, and Innovation in Open Banking Rule

Washington, D.C. - TechNet, the national, bipartisan network of tech CEOs and senior executives, submitted comments from CEO Linda Moore to the Consumer Financial Protection Bureau (CFPB) on its proposed reconsideration of the Personal Financial Data Rights Rule. TechNet reiterated its support for the CFPB's goal of empowering consumers to access and share their financial data securely, emphasizing that open banking is essential to innovation, consumer choice, and U.S. leadership in emerging technologies. TechNet asks the CFPB, as it reexamines this rule, to clarify ambiguities around liability for unauthorized access, privacy, credit reporting, and data accuracy to provide clear rules of the road for consumers and for companies.

"Open banking is about more than access - it is about ensuring that the United States continues to lead in the next generation of financial technology," said Moore. "Restricting data access or allowing large incumbents to impose new barriers would weaken the nation's position in critical fields such as digital assets, artificial intelligence, and digital payments. Consumers benefit when innovative American companies can compete on a level playing field and when the regulatory system encourages secure, consumer-authorized data sharing rather than restricting it."

Read the full comment here .