CFPB Says Data Aggregators Should Pay Fees

The Consumer Financial Protection Bureau (CFPB) plans to reconsider a final rule on personal financial data rights that became effective in January 2025, according to a rulemaking update posted in a pending regulatory review notice by the Office of Information and Regulatory Affairs.

The final rule that is being reconsidered related to section 1033 of the Consumer Protection Act, was published by the CFPB in November 2024 and became effective on Jan. 17, 2025, according to the post.

“The CFPB plans to issue a proposed rule to reconsider the November 2024 final rule,” according to a statement of need posted by the Office of Information and Regulatory Affairs.

The issuance of the proposed rule will follow the CFPB’s Aug. 22, 2025, advance notice of proposed rulemaking (ANPRM) on section 1033.

When releasing the ANPRM, the CFPB said it sought comments and data to inform its consideration of who can serve as a “representative” making a request on behalf of the consumer, the assessment of fees to defray the costs incurred by a “covered person” in responding to a customer-driven request, data security association with section 1033 compliance, and data privacy associated with section 1033 compliance.

Section 1033 provides personal financial data rights, according to the CFPB website. It requires a covered entity such as a bank to make transaction data and other information about a financial product or service obtained by a consumer, available to the consumer upon request. Section 1033 also directs the CFPB to develop standards for the availability of this data to consumers.

PYMNTS reported in June 2025 that this so-called “open banking” rule was facing legal challenges. In one case, the group of plaintiffs included the Bank Policy Institute and the Kentucky Bankers Association.

Opponents of the final rule contended that section 1033 was intended to provide financial information to consumers, not commercial third parties like FinTechs and aggregators, and that the mass data-sharing framework places consumer data at risk.

PYMNTS reported in February that while banks express significant concerns about section 1033, FinTechs, consumer advocates and open banking proponents view the rule as a pro-competition consumer right.