SCOOP: Why Save Our States is hitting banks for "tak[ing] control of our data and use it to crush competition"
The campaign speaks directly to the issue that “you control your own data — not the banks.”
The world’s top bankers are poised to confront a grassroots campaign run by Save Our States as they descend on Washington, D.C. for the Institute for International Finance’s annual meeting this week.
Ahead of the meeting, Save Our States rolled out a mobile billboard campaign in the latest part of its “Banks vs. America” campaign, which spotlights what the group calls a growing threat to consumer financial freedom.
The Washington Reporter saw the campaign’s mobile billboards have been near the White House and across downtown D.C. that say “Don’t Let The Big Banks Put a Toll on Your Data.”
The campaign coincides with the Consumer Financial Protection Bureau’s (CFPB) final week of public comment on proposed changes to Rule 1033 — also known as the open banking rule.
Trent England, Save Our States’s executive director, exclusively told the Reporter that “big banks are using their wealth to demand a system where they can take control of our data and use it to crush competition.”
“This directly conflicts with President Trump’s goal of making the U.S. the innovation capital of the world to unlock financial freedom and opportunity for all Americans,” England added. “We are confident the administration will keep protections in place for consumers to own our banking data and stop burdensome fees.”
The Banks vs. America mobile billboard campaign also calls out big banks for trying to “put a toll” on Americans’ bank data; it adds that “Open Banking Means Open Possibilities.”
The grassroots campaign spotlights “financial freedom ahead” for consumers through budget apps, cryptocurrencies, and better rates, but first they must get past the fees from big banks, it explains. The campaign speaks directly to the issue that “you control your own data — not the banks.”