CFPB Seeks Public Input on Proposed Open Banking Regulation

August 22, 2025 - 08:59

The Consumer Financial Protection Bureau (CFPB) is moving forward with its commitment to enhance financial transparency by issuing an Advance Notice of Proposed Rulemaking regarding open banking. This initiative invites stakeholders and the general public to provide their feedback on the proposed Section 1033 rule, which aims to facilitate consumer access to their financial data.

Open banking is designed to empower consumers by allowing them to share their financial information securely with third-party providers, fostering competition and innovation in the financial services industry. The CFPB's notice emphasizes the importance of consumer control over their personal data, ensuring that individuals can make informed choices about how their information is used.

The agency is particularly interested in understanding the potential impact of the new rule on consumers, financial institutions, and technology companies. By gathering insights from various stakeholders, the CFPB aims to create a regulatory framework that balances consumer protection with the promotion of innovation in the financial sector. Public comments will play a crucial role in shaping the final rule.