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US consumer watchdog kicks off redo of 'open banking' rules on customer data
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US consumer watchdog kicks off redo of 'open banking' rules on customer data
Aug 21, 2025 7:16 AM

WASHINGTON, Aug 21 (Reuters) - The U.S. Consumer

Financial Protection Bureau on Thursday kicked off a do-over of

its "open banking" regulations governing consumer control over

the sharing of personal data between banks and the burgeoning

financial technology sector as the two industries feud over

proper controls and access.

The decision

The watchdog asked numerous questions on how best to implement

the consumer data rules -- now 15 years in the making and

prescribed as part of the 2010 Dodd-Frank financial reform

legislation -- requiring that banks give consumers access to

their own financial data, including account information,

transactions, usage and fees "upon request."

The regulations were previously completed by the Biden

administration, earning a legal challenge from the banking

industry who opposed that version, citing risks to consumer data

security.

The Trump administration initially told a court it supported

banking industry calls to strike down the

Biden

regulations but

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