Feedback requested: Weigh in on CFPB’s revised open banking rule

The CFPB has issued an advance notice of proposed rulemaking to revise its personal financial data rights (PFDR) rule, associated with Section 1033 of the Dodd-Frank Act, and credit unions are encouraged to weigh in.  A new America’s Credit Unions Regulatory Comment alert requests feedback from credit unions by Oct. 1 to help address concerns.   

The bureau is seeking stakeholder feedback on revisions to the 2024 rule, which would require financial institutions with more than $850 million in assets to provide access to certain consumer data upon receiving a request from an authorized third party.  

The rule as finalized in 2024 presents numerous compliance and privacy concerns that America’s Credit Unions has raised with policymakers, including in a letter to the administration. 

The ANPR marks the start of an “accelerated rulemaking process.” The Regulatory Comment alert breaks down the impact of the rule on credit unions and poses questions to consider. Submit feedback to America’s Credit Unions through the Regulatory Comment alert by Oct. 1, with comments due to the CFPB by Oct. 21.