Sean Reyes argues that the Biden-era CFPB Section 1033 “open banking” rule unnecessarily risked consumer financial data by forcing banks to share it with unaccountable third parties. After the Trump administration paused the mandate, banks and fintech companies began creating voluntary agreements that protect data while supporting innovation. Reyes emphasizes that Utah’s economy thrives on market-driven solutions, responsible business practices, and predictable regulations, advocating for policies that prioritize data security, accountability, and consumer trust over federal mandates.
