TPA Urges Senate Banking Committee to Reject the CFPB’s Unlawful Open Banking Rule

On December 2, the Taxpayers Protection Alliance (TPA) joined a coalition of organizations in sending a letter to the Senate Committee on Banking, Housing, and Urban Affairs to express deep concern over efforts to preserve the Biden administration’s “open banking rule” under Section 1033 of the Dodd-Frank Act. While framed as a measure to give Americans greater control over their financial data, the rule strayed far beyond its statutory mandate—expanding the Consumer Financial Protection Bureau’s authority, undermining market integrity, and exposing consumers to significant privacy risks. Our letter urges the committee to support the Trump administration’s ongoing rewrite, narrow the rule to reflect the law’s clear intent, and restore a consumer-centered approach that prioritizes security, accountability, and legal compliance. Our letter below.