US fintechs are lobbying for access to customer data

As US regulators’ activity around fintech intensifies, the industry is starting to think seriously about how to get its word in as new policies are forged. To that end, several leading US fintechs have set up the Consumer Financial Data Rights (CFDR) coalition, a lobbying group that will promote the principles of open banking, and in particular, the ability of third parties, including fintechs, to access customer data held by incumbent financial firms. The CFDR’s founding members include Betterment, Affirm, Ripple, and Kabbage, among others.

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