CBA Statement on CFPB Decision to Revise Personal Financial Data Rights Rule

WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) announced it will revise the Personal Financial Data Rights final rule (the PFDR Rule) released by the Biden-Chopra CFPB last October:

“CBA is grateful to the CFPB for committing to substantially revise this rule. As we have long conveyed, including in testimony before Congress earlier this month, America’s leading retail banks support consumer access to their financial data and increased innovation in the marketplace. The Biden-Chopra final rule, however, would pose significant risks to consumers’ privacy and data security while also creating new avenues for fraud and exploitation. CBA looks forward to working with the Bureau on developing a well-reasoned and durable final rule that benefits the financial well-being of all consumers.”

CBA Advocacy

• On July 15, 2025, CBA President and CEO Lindsey Johnson testified before the U.S. House Financial Services Committee hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.”  In her written testimony, Johnson emphasized that “CBA would support the CFPB reproposing a Section 1033 rule that conforms to the confines of the statutory text set out by Congress…”  

• CBA submitted a comment in response to an Office of Management and Budget Request for Information on Deregulation highlighting concerns over the PFDR Rule, available HERE.  

• CBA, along with other industry trades, submitted a letter to the CFPB reemphasizing anticipated complications with the compliance dates in the NPRM on July 16, 2024.   

• CBA submitted comments on the NPRM on Dec. 29, 2023.  

• In October 2023, CBA – along with 14 other trade associations – submitted a letter to the CFPB urging the agency to extend the comment deadline for the NPRM in light of the complexity of the issues. The CFPB failed to grant an extension.  

• CBA submitted comments on the Small Business Regulatory Enforcement Fairness Act (SBREFA) Outline on Jan. 25, 2023. The CFPB convened the required Small Business Review Panel to discuss the SBREFA Outline on February 1, 2023. A report summarizing the Small Business Review Panel’s discussion of the SBREFA Outline was released on March 30, 2023.