CFPB Submission of Open Banking Rule Reconsideration to OIRA
The Consumer Financial Protection Bureau (CFPB) has submitted a proposed rule to the White House to reconsider its framework for personal financial data rights under Section 1033 of the Dodd-Frank Act.
Aggregated from 5 sources · Updated 26 Aug 2026, 04:02 UTC (UTC)
Coverage Balance
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This event is primarily covered by one side of the political spectrum. Niche or counter-narrative facts may be underrepresented.
Facts (8)
- Established
The CFPB submitted the 'Personal Financial Data Rights Reconsideration' proposal to the White House Office of Information and Regulatory Affairs (OIRA) on August 4, 2026.
- Established
The proposal aims to reconsider the Section 1033 open banking regulation previously finalized in October 2024.
- Established
The October 2024 version of the rule generally prohibited data providers from charging fees for required data access.
- EstablishedNiche Signal
OIRA review under Executive Order 12866 is typically expected to be completed within 90 days, though it can be concluded sooner.
- Emerging
The new proposal reportedly considers allowing financial institutions to charge fees to fintech companies for data access after a specific number of data pulls.
- Emerging
The CFPB's reconsideration includes evaluating the definition of an 'authorized representative' and the prohibition of screen scraping.
- AttributionNiche Signal
The Consumer Bankers Association (CBA) argued that commercial companies using consumer data should not be classified as 'consumers' or 'representatives' under Section 1033.
- UnverifiedNiche Signal
Financial institutions have spent millions of dollars lobbying to influence the substance of the open banking regulation.