CFPB Seeks Public Comments on Open Banking, Fees, and Larger Participant Rules

The Consumer Financial Protection Bureau (CFPB) is actively revisiting and seeking public input on multiple regulatory issues affecting consumer financial data and market participant oversight. Central to this effort is the reconsideration of Open Banking rules under Section 1033 of the Dodd-Frank Act, focusing on consumer control over financial data and the contentious issue of banks charging fees for data access, which has sparked pushback from fintech firms advocating for innovation and competition. The CFPB is soliciting stakeholder views on whether customers can authorize fintechs to access their data and on the legality of fee assessments by banks. Concurrently, the agency has proposed raising the thresholds that define "larger participants" in key financial markets, including consumer reporting, auto financing, debt collection, and international money transfers, aiming to reduce supervisory burdens on smaller entities and better align with current market realities. These efforts reflect the Trump Administration's broader initiative to recalibrate the CFPB's regulatory reach, balancing consumer protection with market innovation and reducing unnecessary compliance obligations. The CFPB's ongoing rulemaking provides an opportunity for banks, fintechs, and consumers to influence the future landscape of financial data sharing and regulatory oversight.