CFPB Weighs Data Fees in Section 1033 Open Banking Rewrite

The Consumer Financial Protection Bureau established its Personal Financial Data Rights rule under Section 1033 of the Dodd-Frank Act, requiring banks and other data providers to give consumers access to account information and permit its secure transfer to authorized third parties. Effective Jan. 17, 2025, the regulation became a cornerstone of US open banking, with broad implications for competition, consumer control and compliance obligations across banks and financial-technology companies.

The CFPB is preparing a new proposal that would reconsider parts of the final rule and is seeking data and public input before drafting changes. The review focuses on who may qualify as a consumer’s authorized representative and whether data providers should be allowed to charge fees reflecting the cost of making information available. Any revision could reshape the scope of consumer data rights, banks’ implementation expenses and the economics of fintech services built on account-data access.