CFPB seeks public comment on possible revision to financial information rights rule

On August 22, 2025, the Consumer Financial Protection Bureau (CFPB) issued an advance notice of proposed rulemaking (ANPR) to reopen and revise Rule 1033, the Bureau’s personal financial data rights rule. The action follows the CFPB’s July 2025 motion to stay proceedings in the Bank Policy Institute’s (BPI) lawsuit challenging the Rule, in which the CFPB told the court it would “comprehensively reexamine” the regime through an accelerated rulemaking process. The CFPB’s new notice seeks comment on potential revisions to the Rule’s scope, data sharing architecture, and implementation timelines. This comes at a time when the Bureau is operating with significantly reduced staff following layoffs and a series of departures among senior rulemaking and enforcement personnel, raising questions about the agency’s near-term capacity to manage complex technical regulations. Fintech firms and consumer advocates generally view the CFPB’s renewed rulemaking efforts as an opportunity to modernize Rule 1033 while preserving the competitive benefits of API-based data portability.

Rule 1033, authorized by Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, establishes consumer rights to access and share their transaction-level financial data. The Rule, finalized in 2024 after years of development and industry consultation, obligates covered banks and card issuers to provide such data (without charge) directly to the consumer or to any third party the consumer designates. Banking trade groups maintain that the Rule exceeds the Bureau’s statutory authority and would impose uncompensated infrastructure and cybersecurity burdens. Stakeholders may present their positions during the public comment period, closing October 21, 2025.

Last updated 11/03/2025.