Defense and Compliance Attorneys
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The headline refers to the Consumer Financial Protection Bureau’s recent court filing stating that it plans to issue an “interim final” rule revising its open banking (Section 1033) framework before its current funding runs out.
What the CFPB signaled
In a December 10 status report to a federal court in Kentucky, the CFPB said it intends to move directly to an interim final rule updating its open banking rule under Dodd‑Frank Section 1033. The filing explains that the Bureau expects to have sufficient funds only through roughly the end of 2025 and therefore plans to complete expedited revisions before a possible funding lapse.
Why this is happening
The move is driven by an anticipated funding shortfall tied to a recent Department of Justice Office of Legal Counsel opinion that the CFPB currently cannot lawfully draw new funds from the Federal Reserve because there are no qualifying “combined earnings.” As a result, the Bureau is trying to advance key rulemakings like the open banking rule on a compressed timetable, rather than using the full, slower notice‑and‑comment process.
What the interim rule is expected to do
The interim rule will revise the existing open banking framework that requires banks to make consumer account data available for sharing with fintechs, originally structured to require free access. Commentators expect the revised interim rule to be more streamlined and potentially to alter how and on what terms banks must provide data access, including whether and how they may charge third‑party firms.
Implications for banks and fintechs
Banks, data aggregators, and fintechs that rely on consumer-permissioned data should anticipate near‑term changes in technical standards, consent processes, and possibly fee structures once the interim final rule is issued. Because the Bureau is using an interim‑final posture under time pressure, legal challenges under the Administrative Procedure Act are widely expected, which could inject further uncertainty into compliance planning.
Relationship to the earlier open banking rule
The CFPB had already finalized a personal financial data rights (open banking) rule in October 2024, but later reopened and began reconsidering that framework in 2025. The planned interim final rule is intended to revise that prior framework quickly in light of litigation and funding constraints, while longer‑term policy and legal questions continue to play out in court and potentially in Congress.
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