Contact: Laine Williams, (202) 897-4757, [email protected]
Washington, DC, May 23, 2025 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today expressed deep concern regarding the Consumer Financial Protection Bureau (CFPB) seeking to “set aside” or vacate the Section 1033 rule which establishes protections for consumers to securely access their personal financial data and share it with the apps and services they choose. The rule, started under the first Trump Administration, implements Section 1033 of the Dodd Frank Act and has been viewed as a driver of innovation for the U.S. economy.
FDATA North America represents more than three dozen financial technology and open finance companies in the United States and Canada. FDATA North America members enable more than 100 million American consumers and thousands of companies to better manage their finances and do business in the digital age.
“Vacating the Section 1033 rule and restarting the process from scratch would delay critical consumer data rights and protections and curb meaningful financial innovation and competitiveness,” said Steve Boms, Executive Director of FDATA North America. “This action is at odds with the Administration’s stated goals of reaffirming American competitiveness and leadership in financial innovation. We urge the CFPB to avoid prolonged industry uncertainty.”
FDATA North America remains committed to working constructively with the CFPB to deliver a durable, secure, and competitive open finance ecosystem. However, today’s decision marks a troubling reversal after years of regulatory engagement and public input, including an Advance Notice of Proposed Rulemaking in 2020, a formal proposed rule in 2023, and a final rule issued in 2024.
“To the extent the administration is intent on starting the rulemaking over from scratch, the CFPB should build on the significant progress already made and quickly implement a Section 1033 rulemaking that ensures consumers have the right to utilize innovative, third-party tools to help them better manage their finances. During this time, we urge CFPB leadership to reaffirm that financial institutions and other data providers have an existing obligation under Section 1033 of the Dodd Frank Act to allow their customers to share personal account information with providers of their choosing, including payment initiation information, even as a new rulemaking commences.”
FDATA North America will continue to advocate for policies that protect consumers, foster competition, and ensure a secure, interoperable financial data ecosystem that meets the needs of a digital economy This includes encouraging the CFPB to include a broader set of covered accounts, such as investment, retirement, and Electronic Benefit Transfer accounts, under a new Personal Financial Data Rights rulemaking.