The Consumer Financial Protection Bureau (CFPB) has received close to 14,000 public comments as it revises its open banking rule, a policy that could reshape how Americans control their financial data. The debate has drawn input from banks, fintechs, lawmakers, consumer advocates, and even tech giants like Apple.

The Battle Over Open Banking

The open banking rule, first enacted under the Biden administration, aims to help consumers easily transfer their financial data between institutions and providers. Supporters believe this will increase transparency and competition in the financial sector. Banks, on the other hand, argue that the CFPB has gone too far, creating potential risks and compliance burdens.

Key details of the rule include:

• Based on Section 1033 of the Dodd-Frank Act

• Takes effect July 1, 2026, for the largest banks

• Smaller banks phased in through 2030

• Institutions under $850 million in assets are exempt

While the CFPB says the rule will foster innovation, banks have already filed lawsuits, claiming regulatory overreach.

Diverse Opinions and Industry Pushback

The debate has attracted an unusually wide range of opinions from across industries.

• Sen. Cynthia Lummis praised the rule as a “bright spot” in Dodd-Frank, warning that overregulation could harm digital asset innovation.

• Apple asked the CFPB not to treat its digital wallet as a “data provider.”

• Stripe emphasized that open banking decisions could affect AI-driven commerce and stablecoin innovation.

• Fintech associations, including the FTA and the American Fintech Council, jointly urged the bureau to:

  • Maintain the prohibition on data access fees

  • Keep the 2026 compliance deadlines

  • Broaden the definition of a consumer “representative”

Banks Push Back

Traditional banks and associations are calling for slower implementation and more flexibility.

• JPMorgan Chase defended charging fees for data access, claiming it supports infrastructure and security.

• Mastercard backed the rule’s intent but asked for clearer data definitions and usage terms.

• The American Bankers Association (ABA) asked the CFPB to suspend deadlines and remove exemptions for smaller banks.

• The Retail Industry Leaders Association (RILA), representing major retailers like Walmart and Costco, urged regulators not to allow data-access fees that could mimic existing interchange fees.

Political Uncertainty Clouds the Bureau

The future of the CFPB itself is uncertain after comments by Acting Director Russell Vought, who suggested the agency might close within months. The CFPB has not confirmed any shutdown plans, but the remarks have created concern about the agency’s stability and the fate of ongoing rulemaking.

Still, fintech leaders insist that the current version of the open banking rule remains legally valid. As Penny Lee, CEO of the Financial Technology Association, stated, “Even if there are changes at the Bureau, the existing 1033 rule is the law of the land.”

What Comes Next

The CFPB must now review the thousands of public comments and determine how to revise the rule. Meanwhile, a federal court case in Kentucky, where banks have challenged the rule, could further influence the outcome.

What happens next will define how consumers share their financial data and determine whether open banking becomes a force for competition or another point of conflict between regulators and financial institutions.