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ARTICLE · 19 DECEMBER 2023

CFPB Proposes Long-Awaited Rule To Accelerate Open Banking Development

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On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposal on Personal Financial Data Rights (the "Proposed Rule").

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
Rohith George
Rohith George
Justin Herring
Justin Herring
Joe Pennell
Joe Pennell
Jeffrey Taft
Jeffrey Taft
Kelly F. Truesdale
Kelly F. Truesdale
David Beam
David Beam
Eric T. Mitzenmacher
Eric T. Mitzenmacher
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On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposal on Personal Financial Data Rights (the "Proposed Rule"). The Proposed Rule, intended to accelerate a shift towards open banking in the United States,1 establishes a comprehensive regulatory framework providing consumers and their authorized third parties with rights to receive structured, consistent and timely access to consumers' personal financial data held by financial institutions and by imposing limitations on authorized third parties' collection, use and retention of that data.

The Proposed Rule implements Section 1033 of the Dodd-Frank Act,2 which requires a covered person to, upon request, make available to a consumer information concerning products or services obtained by the consumer, including information about the consumer's account or transactions, in electronic form, subject to rules published by the CFPB. Comments on the Proposed Rule will be accepted through

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