New York State has introduced legislation to create rights for consumers and small businesses over their financial data and to prohibit fees for its transfer.

Senate Bill S9483, proposed by Senator Rachel May on March 17, 2026, and referred to the Senate Committee on Banks, aims to amend the state’s Banking Law. The bill seeks to introduce a new article known as Article 14-C, which is titled the New York Financial Data Rights Act.

Scope and Key Provisions

According to the proposed legislation, financial institutions must provide consumers and small businesses with access to their data upon request. These institutions are also required to transmit this data to authorised representatives—defined as anyone other than the holding institution who seeks access with the account holder’s consent—who may include both individuals and entities.

The bill explicitly forbids financial institutions from charging fees for these data transfers.

The bill covers provisions in six sections, focusing on definitions, consumer and small business rights to data portability, the fee prohibition, obligations on authorised representatives, security standards, and enforcement and penalties. An assembly version of this legislation, A10640, has also been introduced.

Context and Implications

This bill follows the ongoing development of open banking frameworks at both federal and state levels in the U.S. The implementation challenges faced by the Consumer Financial Protection Bureau’s rule under Section 1033 of the Dodd-Frank Act have led to increased attention on state-level legislative initiatives.

Should the New York Financial Data Rights Act be enacted, it would establish a state-specific framework for data portability and access, imposing obligations on financial institutions operating in New York. This legislation is notable for including small businesses alongside individual consumers, which is a departure from federal proposals that have primarily focused on individuals.

As of now, the bill remains under committee review, with no specific timeline set for a vote.