FIRST ON THE DAILY SIGNAL – As President Donald Trump pushes his affordability agenda, a conservative group launched an ad campaign encouraging him to block potential new banking fees and protect consumer data.

Save Our States’ new TV ad is part of its “Banks vs. America” campaign.

“The banks that went after Trump now want hidden fees on every transaction–making everything more expensive,” the TV ad says. 

At issue is Section 1033 of the Dodd-Frank bank regulation law of 2010, widely known as “open banking,” which requires banks to provide consumers with access to their account information through competing financial institutions or third-party apps.

Under Section 1033, banks are required to share data with other companies if a customer tells them to use a secure, digital pipeline. This, in theory, would make it easier to switch banks or sign up for a budgeting app. The Consumer Financial Protection Bureau did not finalize the open banking rule until October 2024. 

Though most conservatives broadly oppose the CFPB, Save Our States and other conservatives have argued that the open banking rule is an exception.

Conservatives have argued that major financial institutions have engaged in “debanking,” or canceling the accounts of conservative individuals or organizations. Trump has also heavily criticized large banks for closing accounts based on politics.  

“The big banks take advantage of American families, workers, small businesses, and churches,” Trent England, executive director of Save Our States, told The Daily Signal in a statement. 

“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,” England continued. “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.”

Other conservatives oppose the open banking rule. 

In a public comment letter last October, John Berlau, senior fellow and director of finance policy at the Competitive Enterprise Institute, argued the rule promulgated the previous year exceeds the mandate of the 2010 law. 

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