The Consumer Federation of America and the American Economic Liberties Project submitted a joint comment on the Consumer Financial Protection Bureau’s (CFPB’s) proposal to reconsider the Section 1033 Personal Financial Data Rights rule. CFA and AELP noted that the 2024 final rule established a strong framework for consumers’ rights to control how their financial data is used.

CFA and AELP urge the CFPB to maintain the rule’s core protections, including limits against secondary data use and prohibitions on charging fees to consumers. The comment highlights how the ongoing expansion of open banking in the United States will be better served by a uniform set of rules and standards. It expresses concerns that in the absence of a durable rule, bilateral agreements between banks and data aggregators will undermine competition, erode consumer trust, and prolong the use of less secure screen scraping technologies.