Consumers urge CFPB to protect data in open banking plan
Update: 2025-10-30
Description
The Consumer Financial Protection Bureau received nearly 14,000 comments on its open banking rule update, with many consumers expressing concerns about data security and privacy. The proposed rule change allows banks to charge fees for accessing financial data, sparking debate over who should bear the costs. Big banks have opposed the rule, leading to a court decision that put the Biden-era rules on hold. The bureau is now rewriting the rule, seeking feedback on data access, fees, security, and fraud prevention. Consumer advocates push for clear disclosures and privacy protections, while community banks request exemptions, and large banks argue against them. The bureau will draft a new rule and invite more public comment before finalizing the guidelines, which could significantly impact how consumers use their banking data and whether banks can charge fees.
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