The US Consumer Financial Protection Bureau has revisited its Open Banking regulations, enabling consumers to have more control over their data sharing with banks and fintech companies.
The agency re-evaluated a do-over of its Open Banking rules, focusing on consumer control over the sharing of personal information between banks and the fintech sector. The move comes as a response to industry pressures and legal issues, intending to improve competition and consumer choice.
Data sharing in the US
The CFPB collected data on how to best implement the consumer data regulations, which have been 15 years in the making and are prescribed as part of the 2010 Dodd-Frank financial reform legislation. This legislation requires banks to provide consumers with access to their financial data, including account information, transactions, usage, and fees, upon request. Previously, these regulations were completed by the Biden administration, facing a legal challenge from the banking industry, which opposed that version, mentioning risks to consumer data security.
The former CFPB Director Rohit Chopra stated in October 2024 that the regulations would allow consumers to swap banks as easily as changing telephone companies, enabling comparison shopping for mortgages and accounts, as data would be shared free of charge.
At the outset, the Trump Administration told a court it supported banking industry calls to remove the Biden regulations. However, in July 2025, the administration stated that, due to unnamed recent events in the ecosystem, it would replace the regulations with a version more to its liking.
In the latest turn of events, more specifically in the middle of August 2025, over 80 crypto companies requested US President Donald Trump to halt new bank-imposed fees for accessing consumer financial data. The group sent a letter on 14 August 2025 arguing that these charges negatively affect innovation and consumer choice. The companies underlined that these fees interfered with Americans connecting their bank accounts to preferred financial products, diminishing progress in financial technology policy.
