The US Consumer Financial Protection Bureau (CFPB) has issued an advanced notice of proposed rulemaking (ANPR), soliciting public input to reassess the implementation of the Open Banking rule.
Reassessing the Open Banking rule
The CFPB aims to revisit the Personal Financial Data Rights Rule, which initially allowed consumers to demand transaction data from card issuers, account-holding institutions, and specific payment processors. The agency may potentially adjust the scope and enforcement framework of these rights.
The ANPR focuses on four key areas:
- Identifying who can act as a consumer’s authorised data recipient
- Determining how to allocate the costs of providing financial data upon request by consumers
- Evaluating how to account for information security risks in the rule
- Ensuring transparency and consumer understanding regarding their data authorisation
These questions are part of 34 detailed inquiries aimed at gathering public feedback.
Public Feedback Period
The CFPB has set a deadline for accepting public comments until October 21, 2025. Market participants should consider submitting feedback to influence potential modifications and understand the strategic implications of any changes on compliance requirements and consumer trust.
