CFPB Sends Revised Open Banking Rule to OIRA
The CFPB reportedly sent a rewritten Section 1033 open banking proposal to the White House for review on 6 August 2026. Here is what is on hold and what to do.
The US open banking rule is still in limbo. According to law-firm commentary, the Consumer Financial Protection Bureau sent a revised Section 1033 proposal, styled "Personal Financial Data Rights Reconsideration", to the White House Office of Information and Regulatory Affairs (OIRA) for review on 6 August 2026. As of 12 October 2026 we have not seen a published rule.
If you build on bank data through aggregators, that means the old deadlines are not what you should plan around.
What is the Section 1033 rule?
Section 1033 of the Dodd-Frank Act gives consumers a right to access their financial data. The CFPB finalized an implementing rule in October 2024. It set staggered compliance dates for data providers by size, starting 1 April 2026 and running to 1 April 2030, according to the CFPB's rule page.
Where does it stand now?
- Court stay: The CFPB says the compliance dates were stayed by a court in Forcht Bank, N.A. v. Consumer Financial Protection Bureau (E.D. Ky.) on 29 October 2025.
- Rewrite: In August 2025 the Bureau asked for comment on who counts as a consumer's "representative", whether providers can charge fees for data access, and how to handle security and privacy.
- Latest step: The revised proposal went to OIRA on 6 August 2026, per Consumer Finance Monitor. Publication in the Federal Register would open a public comment period.
The 1 April 2026 first date passed without binding anyone.
What should founders do?
We would not pause product work, and we would not bet on a date either.
- Keep your data-access contracts. Aggregator and bank agreements still govern how you get data today.
- Watch the fee question. If banks may charge for access, your unit costs could change. Model a cost scenario, not a forecast.
- Read the proposal when it publishes. Comment periods are where small fintechs can be heard.
- Track the CFPB page. It is the primary source and is updated when dates change.
Open questions
Nobody outside the agency knows what the proposal says until it is public, so treat any summary of its content as speculation. OIRA review ordinarily runs up to 90 days under Executive Order 12866, so a publication could come soon. The practical point: US open banking is still driven by private agreements, not a live federal mandate.
This is general information, not legal advice. For tools in this space, see the finance hub and Discover.
