A conservative advocacy group is urging the Trump administration to defend a consumer protection rule that Wall Street seeks to overturn, warning that its elimination would hand more power to big banks at the expense of everyday Americans.
Conservative group Save Our States is taking the rare step, in a letter obtained exclusively by the Daily Caller News Foundation, of urging the Trump administration to preserve Section 1033 of the Dodd-Frank Act. Widely known as the Open Banking rule, 1033 was finalized by the Consumer Financial Protection Bureau (CFPB) in October 2024 and mandates that banks provide consumers with access to their financial data, allowing customers to share it with third-party apps, fintech services, or competitors of their choosing.
While conservatives have long criticized CFPB regulations as government overreach, Save Our States and other conservative groups have contended that this particular regulation is an exception, fostering competition and handing back control over data to consumers.
“Every American who has ever used an app or online tool outside of their bank to manage a budget, track their spending, automate monthly savings, shop for the lowest fees, or compare mortgage rates has benefited directly from Rule 1033,” Save Our States Executive Director Trent England wrote in the letter addressed to President Donald Trump and acting CFPB Directors Scott Bessent and Russ Vought.
“Americans on Main Street depend on technology made possible by Open Banking,” England continued. “From weekly tithes at church to simple transactions at the local barbershop, open banking is critical on Main Streets nationwide. And Main Street will bear the costs if these protections are weakened or repealed.” (RELATED: Corporate America’s Charity Machine Relies On Infamous ‘Hate List’ Blacklisting Conservative Groups)
Upon taking office, the Trump administration quickly moved to rein in the CFPB — considered the brainchild of Democratic Massachusetts Sen. Elizabeth Warren — slashing its staff and budget, while targeting Biden-era rules, including Rule 1033, for review.
Industry groups, including the American Bankers Association, have strongly opposed the Open Banking rule, describing it as an unfair giveaway that forces institutions to hand over valuable data to rivals at no cost, while exposing users to privacy and cybersecurity threats.
The Trump administration initially sought to vacate the rule altogether, backing industry lawsuits to halt implementation. In a pivot in August 2025, however, the CFPB said it would reconsider the rule, opening a 60-day comment period that closed in late October.
Meanwhile, Save Our States warns that eliminating or weakening the rule would let banks impose fees for data access or limit sharing, potentially reducing options for consumers and smaller competitors, including fintech companies and cryptocurrency platforms and services.
“We know that economic freedom — the competition that drives innovation and excellence — is key to American greatness. And it is threatened if giant financial institutions are able to wrest control of personal financial data away from individual Americans,” England wrote in the letter.
The group tied the fight to broader conservative concerns that big banks are abusing their dominance through “debanking” of political adversaries.
“Big banks have turned their backs on rural America and Main Street, engaging in abuses like debanking conservatives,” England wrote, adding that firms like JPMorgan Chase and Bank of America have even targeted the president.
Such moves, he argued, reflect not mere bias but a “coordinated effort to consolidate power for a few corporate elites so they can wield their influence in arenas that have nothing to do with banking, as we have seen in the recent past.”
OJ Oleka, CEO of the State Financial Officers Foundation — an organization of state auditors, controllers, and treasurers that promotes fiscal responsibility — voiced similar concerns in a statement to the DCNF.
“Support for open banking and Rule 1033 is critical for promoting competition and sustaining innovation in financial technology, as well as reducing the risk of political debanking,” Oleka said. “I urge CFPB to uphold the rule, and stand ready to work with the Trump administration to ensure consumers’ rights are always preserved.”
However, not all voices on the right support the rule. The Competitive Enterprise Institute (CEI), a free-market think tank, submitted comments to the CFPB arguing that the rule exceeds the agency’s authority by requiring banks to share data without compensation. CEI called for a full withdrawal of the rule, but said any new rule should allow market forces to determine the terms and prices of data sharing.
With the comment period now closed, the CFPB is expected to unveil a revised rule in 2026.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.