The Consumer Financial Protection Bureau (CFPB) has opened a 60-day public comment period to guide revisions to its open banking rule, Rule 1033. In its advance notice of proposed rulemaking (ANPR), the agency highlighted four areas of focus, “the proper understanding of who can serve as a ‘representative’ requesting on behalf of the consumer; the optimal approach to the assessment of fees to defray the costs incurred by a ‘covered person’ in responding to a customer driven request; the threat and cost-benefit pictures for data security associated with section 1033 compliance; and the threat picture for data privacy associated with section 1033 compliance.” The CFPB told a federal judge on July 29, 2025 that it would pursue an “accelerated rulemaking process” to update the regulation and requested a stay in ongoing litigation, arguing revisions may resolve the dispute.
The open banking rule, finalized in October 2024, requires Banks, Credit Unions, and other Institutions to make consumer financial data available to individuals and authorized third parties while following strict access guidelines. It drew immediate legal challenges, with the Bank Policy Institute and Kentucky Bankers Association asserting the rule ‘jeopardizes the security and privacy of consumer financial data.’ Market concerns have grown as JPMorgan announced plans to charge for access to customer information, while more than 80 FinTech and crypto executives signed a letter urging President Donald Trump to block “account access” fees. For CFOs, the CFPB’s revisions will shape compliance frameworks, determine the cost of data-sharing, and influence future financial partnerships.
