WASHINGTON — The Consumer Financial Protection Bureau plans to reconsider its final rule governing consumers’ personal financial data rights, according to a regulatory update posted by the Office of Information and Regulatory Affairs.
The rule under review implements Section 1033 of the Consumer Financial Protection Act. It was published in November 2024 and took effect Jan. 17, 2025, according to a CFPB post.
In a statement of need accompanying the regulatory review notice, the Office of Information and Regulatory Affairs said, “The CFPB plans to issue a proposed rule to reconsider the November 2024 final rule.”
The agency said the proposed rulemaking will follow the CFPB’s Aug. 22, 2025, advance notice of proposed rulemaking (ANPRM) seeking public input on potential changes to the regulation.
When it issued the ANPRM, the CFPB said it was seeking comments and data on several issues related to Section 1033 implementation, including:
- Who may serve as a consumer’s authorized representative when requesting financial data.
- Whether covered financial institutions should be permitted to assess fees to recover costs associated with responding to consumer-directed data requests.
- Data security requirements associated with Section 1033 compliance.
- Consumer data privacy protections related to Section 1033 compliance.
According to the CFPB, Section 1033 establishes consumers’ rights to access their personal financial data. The provision requires covered entities, including banks, to make transaction information and other data related to a consumer’s financial products and services available upon request. The law also directs the CFPB to establish standards governing how that information is made available to consumers.
