Federal open banking rule may allow banks to charge data access fees

A forthcoming federal rule regarding open banking may permit banks to charge new fees for access to consumer financial data. This potential shift is being reviewed by the White House and stems from the Consumer Financial Protection Bureau.

Open banking allows consumers to authorize the electronic sharing of their financial data with third-party providers. The regulatory framework is built upon Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which grants Americans the legal right to access their own financial data in a usable electronic form.

While a rule issued by the Biden administration in late 2024 prohibited banks from charging third parties for this data access, the new anticipated rule could change that structure. Critics argue that allowing banks to monetize this data through fees could harm consumers.