CFPB Open Banking Rule 1033

United States

2024

Consumer Protection

Overview

The Consumer Financial Protection Bureau (CFPB) finalized the Open Banking Rule under Section 1033 of the Dodd-Frank Act in 2024. The rule establishes a federal framework for consumer data access and sharing in financial services. It requires financial institutions to provide consumers and authorized third parties with secure, consent-driven access to account information, enabling competition, innovation, and consumer choice.br>The rule applies to banks, credit unions, card issuers, digital wallets, payment apps, data aggregators, and fintechs operating in the U.S.

Key Obligations

Provide secure APIs for consumer-authorized data access
Ensure explicit consumer consent for data sharing
Prohibit data hoarding and discriminatory practices that limit portability
Allow consumers to easily switch providers and share financial data

Ensure data is accurate, portable, and provided in real time
Comply with privacy, data protection, and cybersecurity standards
Maintain records of data access and consent for compliance and audits

FAQ

Related Regulations

GLBA Privacy Rule Regulation P

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