The Consumer Financial Protection Bureau says it intends to revise an Open Banking Rule finalized during the Biden administration, which would have given consumers more control over their financial data. Rohit Chopra, former CFPB director, explains how that rule could have affected consumers’ financial decisions.
A consumer protection rule to promote "open banking" is on again ... maybe.
Section 1033 of the Dodd-Frank Act was finalized at the end of the Biden administration and would require banks to give consumers free access and control of their personal banking data.
The rule had met legal pushback from the banking industry and the CFPB under the Trump administration planned to scrap it.
But last week, the bureau said it will instead rewrite Section 1033.
Marketplace’s Meghan McCarty Carino spoke with Rohit Chopra, who served as the director of the Consumer Financial Protection Bureau when the rule was finalized in 2024.
CFPB Section 1033 Open Banking Rule Stayed as CFPB Initiates New Rulemaking
Banks Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data
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