John Czwartacki’s latest op-ed, “Trump’s Open Banking Rescue,” argues that President Trump’s renewed “open banking” rule will give consumers control over their financial data again while encouraging innovation in fintech and crypto. In his op-ed, he details the priorities he believes the Consumer Financial Protection Bureau should focus on during its rulemaking process. This new rule offers a chance to restore fairness, transparency, and financial freedom for all Americans.
In his op-ed, John writes:
Critics claim open banking creates cybersecurity risks. That’s a red herring. Banks already share massive amounts of data with third-party vendors, payment networks, and cloud providers. Modern fintech firms use state-of-the-art protections such as API connections, tokenization, and encryption, which are far more secure than the outdated systems many large banks still rely on.
None of this means banks must bear unfair costs. A balanced rule can safeguard innovation without punishing incumbents. But what it cannot do is let the biggest banks dictate the rules of competition or deny Americans control over their financial lives.
When Congress passed Section 1033, it didn’t envision a system where Wall Street or Washington, D.C., decides how you manage your money. It envisioned a free, competitive, and transparent financial marketplace that rewards innovation and puts consumers in charge.
Trump’s new CFPB team understands that mission. By rebooting open banking, they can deliver a lasting framework that fuels innovation, protects privacy, and ensures that America, not Europe or China, leads the next era of financial technology.
Read the full version at www.washingtonexaminer.com.