The U.S. Consumer Financial Protection Bureau (CFPB) is moving to rescind the 1033 open banking rule, which would have given consumers the right to share their financial data with third-party providers. The reversal, criticized by the Financial Technology Association as a concession to Wall Street banks, reflects a broader regulatory rollback under the current administration, including dropped lawsuits against major banks and the abandonment of oversight plans for tech payment platforms. Critics argue that the decision undermines competition and consumer control in digital finance, favoring traditional financial institutions over fintech innovation.
CFPB to Ditch Open Banking Rule
