CBA Welcomes CFPB’s Decision to Revise Biden-Era Section 1033 Rule

WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement in response to the Consumer Financial Protection Bureau's (CFPB) decision to issue an Advanced Notice of Proposed Rulemaking (ANPR) to substantially revise the Biden-era Section 1033 rule on personal financial data rights:

“The Bureau’s decision to reopen this rulemaking process is a welcome step toward restoring accountability, consumer protection, and the rule of law. The prior Administration’s rule stretched far beyond what Congress intended in Section 1033, mandating broad data sharing that created real risks of fraud, breaches, and consumer harm.

“America’s leading Main Street banks stand ready to partner with the CFPB on a revised framework that balances consumer access with strong safeguards and market-driven solutions—ensuring security, trust, and choice remain at the core of our financial system."

Key Takeaways

The new ANPR asks a series of questions to inform the CFPB’s future substantial revisions to the personal financial data rights (PFDR) rule with a focus on four main areas:

• The scope of who may make a request on behalf of a “consumer”;
• How costs for effectuating the rights under the PFDR Rule can be defrayed through things like the imposition of fees;
• The information security implications of the PFDR Rule; and
• The data privacy implications of the PFDR Rule.  

The CFPB also announced in the ANPR that it will be issuing a notice of proposed rulemaking to extend the forthcoming compliance dates for the PFDR rule and noted it would be asking for specific information on how long entities will need to comply with a revised rule.

CBA Advocacy

• On July 24, 2025, trade associations representing fintech and digital asset companies sent a letter to President Trump urging him to uphold the PFDR Rule. CBA, along with several bank trade associations, responded with a public statement to address the falsehoods contained in that letter. Those same institutions filed another letter on Aug. 14, 2025, which industry responded to, calling out their double standards.
• 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 SBREFA Outline on Jan. 25, 2023.