On Aug. 21, 2025, the Consumer Financial Protection Bureau (CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) revising the open banking rule under Section 1033 of the Dodd-Frank Act. The rule, as written, would require financial institutions to give consumers standardized access to their financial data to promote competition in the financial marketplace. Consumers could demand, download and transfer their financial data to another financial institution or financial services provider for no charge.

The current rule is controversial and generally not fully supported by financial institutions due to the cost of implementation and security concerns. The APNR seeks public comment on several matters, including whether financial institutions can charge fees to third parties, data security standards and privacy issues when sharing data with third parties. Comments on the ANPR are due Oct. 21, 2025. The CFPB intends to finalize the new rule by the end of 2026.