We’ve written about the CFPB’s 1033 regulations before, which under Biden were used as a massive giveaway to the fintechs in the form of a mandated zero-price for all of their pulls of data from the banks. The Trump administration is reissuing those rules and is reportedly going to adopt a hybrid approach with some number of mandated zero-price data pulls.

We had expected them to say the fintechs and banks can negotiate this out without help from the government – and it’s not too late to do that.

This is a low profile issue but has big implications. Always err on the side of markets, especially when giant companies are seeking government favors.