The Consumer Financial Protection Bureau (CFPB) has released an advance notice of proposed rulemaking (ANPR) on personal data rights, commonly known as the Section 1033 rule or open banking rule. The ANPR is scheduled for publication in the Federal Register on August 22, 2025, after which the public will have 60 days to submit comments.Â
The proposed rule is intended to expand consumer control over financial data by requiring financial institutions — referred to by the bureau as “data providers” — to make information regarding transactions, costs, charges, and account usage electronically accessible to consumers and authorized third-party representatives. This scope includes institutions that issue credit cards, hold transaction accounts, provide devices to access accounts, or facilitate other payment services.Â
A prior version of the rule was finalized in 2024 but placed on hold following legal challenges in a Kentucky district court, which cited violations of the Administrative Procedure Act. In response, the CFPB filed a motion stating its intention to initiate a new rulemaking process to reconsider the rule, substantially revise its provisions, and provide a more robust justification.
The bureau has indicated that it plans to conduct an accelerated rulemaking process.
Key Issues for Public CommentÂ
The ANPR highlights four areas where the CFPB seeks input:Â
- Authorized Representatives – Defining who may act on behalf of consumers in requesting personal data.Â
- Fee Assessment – Determining appropriate methods for data providers to charge fees that cover costs incurred in responding to consumer-driven requests.Â
- Data Security – Assessing risks, threats, and cost-benefit considerations associated with Section 1033 compliance.Â
- Data Privacy – Understanding potential impacts to consumer privacy when exercising rights under Section 1033.Â
The bureau notes that Section 1033’s statutory language is limited and does not provide explicit guidance on several critical issues, including representation and potential negative consequences to consumers exercising their data rights.Â
The ANPR also solicits feedback on compliance timelines should the rule advance. Financial institutions affected by the proposal will be required to provide data electronically upon request, covering transactions, fees, costs, and usage information.Â
Submitting CommentsÂ
Once the ANPR is published on August 22, interested parties can submit comments through the Federal eRulemaking Portal at https://www.regulations.gov using Docket No. CFPB-2025-0037.Â
This rulemaking represents a significant step in shaping open banking practices and personal data rights, offering stakeholders an early opportunity to provide detailed input on both compliance requirements and consumer protections.Â
Author:Â Jennifer Evancic
Jennifer.Evancic@ResourceManagement.com
Jennifer Evancic is a third-party auditor valued by creditors and large organizations for her knowledge in call monitoring within the collections industry. With meticulous attention to detail and a firm grasp of regulatory requirements, she ensures compliance with clients’ criteria and state and federal regulations.
Jennifer audits collections calls, ensuring they meet client-specific criteria and comply with regulations, providing valuable insights and maintaining industry standards.
Beyond her auditing responsibilities, Jennifer takes the lead in organizing and facilitating monthly call calibrations. These sessions serve as a collaborative forum where clients and their vendors come together to discuss call monitoring results and address any findings or areas for improvement. Jennifer’s guidance fosters open communication and ensures alignment between clients and vendors, driving continuous improvement in collections practices.
Jennifer stays up-to-date with compliance and industry best practices by participating regularly in peer meetings, regulatory updates and industry webinars. This keeps her informed about emerging issues and ensures she remains a knowledgeable leader in collections compliance.
