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- The Consumer Financial Protection Bureau (CFPB) issued an advanced notice of proposed rulemaking (ANPR), soliciting public comment to reconsider the implementation of Section 1033 (Open Banking Rule), which may signal potential shifts in regulatory expectations for consumer-authorized data sharing.
- The CFPB intends to revisit the Personal Financial Data Rights Rule, which initially empowered consumers to demand transaction data from card issuers, account-holding institutions, and select payment processors, potentially altering the scope and enforcement framework of these rights.
- The ANPR focuses on four primary areas: (1) defining who may act as a consumer-authorized recipient of financial data; (2) allocating the costs of data access; (3) managing information security risks; and (4) safeguarding consumer privacy. The industry should note that these focal points may presage additional modifications beyond the four areas explicitly listed.
- The CFPB will accept public comments through Oct. 21, 2025.
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Various stakeholders, including financial institutions and technology companies, are involved in developing open banking frameworks and the technical standards for financial data sharing. These developments may enable new insights, products, and services based on a more comprehensive view of consumers’ financial information. The Dodd-Frank Act sought to give consumers an active role in open banking by requiring financial institutions to share consumer financial data at the consumer’s request, subject to CFPB rulemaking (the Open Banking Rule). Former CFPB Director Kathy Kraninger launched a rulemaking process in 2016 to implement a long-dormant provision of the Dodd-Frank Act, resulting in the 2024 Final Rule. Now, the CFPB is seeking comment on whether to revisit and potentially reshape the 2024 Final Rule based on the evidence it collects and its new policy priorities.1
1 Personal Financial Data Rights Reconsideration, 90 Fed. Reg. 40986 (Aug. 22, 2025).
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