FMI – The Food Industry Association (FMI) welcomes the opportunity to comment on the advanced notice of proposed rulemaking (ANPR) regarding Personal Financial Data Rights Reconsideration, section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) known as open banking (Docket No. CFPB-2025-0037). FMI and our members support increasing competition in consumer payments, including the continuance of an open banking system. Open banking is beneficial in fostering competition, increasing consumer choices, and providing Americans with more control over their financial data.
Food retailers support bolstering payment options for our customers who want increased financial choices and payments innovations to help our slim-margin industry keep inflationary and operational costs in check. The grocery industry is among the most competitive in our economy. Grocers negotiate prices on every product they sell and every service they use with vendors and operate on razor-thin profit margins – about 1.7 percent on average. Grocers are doing everything possible to avoid passing inflationary costs onto shoppers. Competition in the grocery sector is fierce, and the battle for market share helps keep prices down for shoppers.
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