There is a little-known threat facing Floridians today. When most people think of Florida, they picture family vacations, sunsets in the Florida Keys, airboat rides through the Everglades, and a proud tradition of personal liberty. What they don’t usually think of is their data being systematically stolen and sold to the highest bidder.
The lack of guardrails on the Big Fintech companies allows them to put their interests over the safety of the consumers’ data. Mobile banking apps, payment platforms and financial technology services have made it easier than ever to manage money—but they have also created a complex ecosystem where third-party companies may gain access to sensitive financial information through data-sharing arrangements that are often invisible to the consumer. Most people do not realize how many entities touch their financial data once it leaves their bank. Fewer still understand how it is stored, shared or monetized.
That is the context for the ongoing debate in Washington over Section 1033 of the Dodd-Frank Act. The challenge facing regulators is not whether innovation in financial services should continue. It should. The challenge is that the financial system has evolved faster than the rules governing it.
Section 1033 was originally designed around a simple idea: consumers should be able to access their own financial information. That principle remains. But what has developed in practice is a far more complex environment, where financial data moves between banks, fintech firms and data aggregators in ways that were not clearly defined when the law was written. This allows Big Fintech to bypass the laws that banks must follow—gaining the same access to the same data—but facing starkly different limitations on how it can be used.
People expect even new financial tools or services to protect their personal data. Perhaps because they are used to the security provided by regular banks, which are required to stand up costly security infrastructure to protect consumer data. Fintech firms and data aggregators are not held to the same standard, which is where the risk begins.
This gap in accountability puts families at risk. Every time a parent pays for a soccer tournament through a payment services app, registers and pays for summer camp online or buys a birthday gift for a classmate through a payment app, that transaction generates financial data tied to them. Big Fintech companies are not required to pay for or securely store this information, even as they profit from access to it. That means the piano lessons, the AP exam fees, the Girl Scout cookie payments and the youth sports registrations that make up ordinary family life in Florida could expose a parent’s financial footprint and reveal information about their family and children to bad actors even before those children have even opened a bank account of their own.
Florida’s economy depends on trust. The Sunshine State is home to millions of retirees who spent decades building their savings, families seeking opportunity and entrepreneurs investing in their future. The financial accounts they rely on represent a lifetime of work and careful planning. Trust must be maintained—not abused by fintech companies looking to make a quick buck.
That is why regulators should focus on clear rules of the road for financial data access under Section 1033. Consumers should know who has access to their information. They should understand how it is being used. They should have real control over whether it is shared beyond its intended purpose. And they certainly want to know if their data is being used against them. Recent polling of likely 2026 voters by The Trafalgar Group found that nearly 89.4 percent support the idea that any company that accesses consumer financial data should follow one equal security standard without exceptions.
Financial technology companies and data middlemen are not going away. They are now part of how modern finance works. The question is whether the regulatory framework will catch up in a way that protects consumers without stifling innovation. Floridians built their lives here with the expectation of opportunity and security. Their financial data deserves the same protection.
Barney Bishop III is the CEO of Barney Bishop Consulting, where he represents the Florida Smart Justice Alliance. Prior, he served as CEO of the Associated Industries of Florida, “The Voice of Florida Business” and in several political positions. He can be reached at Barney@BarneyBishop.com.
