Section 1033
RegulationsSection 1033 of the Dodd-Frank Act is the statutory basis for open banking in the United States. The CFPB's Personal Financial Data Rights rule, finalized in October 2024, was intended to implement it by giving consumers the right to access and share their financial data. As of 2026 the rule is not in force: a federal court has enjoined the CFPB from enforcing it and the CFPB has reopened the rule for substantial revision (including whether banks may charge fees for data access), so US open banking remains a work in progress rather than a settled framework.
Section 1033 - Personal Financial Data Rights
Definition
Section 1033 of the Dodd-Frank Act is the statutory basis for open banking in the United States. The CFPB's Personal Financial Data Rights rule, finalized in October 2024, was intended to implement it by giving consumers the right to access and share their financial data. As of 2026 the rule is not in force: a federal court has enjoined the CFPB from enforcing it and the CFPB has reopened the rule for substantial revision (including whether banks may charge fees for data access), so US open banking remains a work in progress rather than a settled framework.
What is Section 1033 - Personal Financial Data Rights?
Section 1033 of the Dodd-Frank Act (2010) gives consumers a right to access their financial data. For years it sat dormant until the CFPB finalized the Personal Financial Data Rights rule on 22 October 2024, with a phased compliance schedule running from 2026 to 2030. That rule has not taken effect as planned. In 2025 the CFPB reversed position: it told a Kentucky federal court the rule should be set aside, paused the litigation in July 2025 to start a new rulemaking, and in August 2025 issued an Advance Notice of Proposed Rulemaking reopening core questions — including whether data providers may charge fees for access. A federal court then issued a preliminary injunction barring the CFPB from enforcing the rule while it is reconsidered. As of 2026, Section 1033 is therefore the statutory basis for US open banking, but the implementing rule is enjoined and being rewritten rather than in force. See the maintained Section 1033 status tracker for the dated timeline.
Related Terms
CFPB
Consumer Financial Protection BureauThe Consumer Financial Protection Bureau is a U.S. government agency responsible for consumer protec...
Open Banking
Open Banking is the practice of banks and other account providers exposing customer account and paym...
FDX
Financial Data ExchangeFDX (Financial Data Exchange) is a US-based non-profit that maintains the FDX API, the leading techn...
Frequently Asked Questions
Is the Section 1033 rule in effect?
No. The CFPB finalized the rule in October 2024, but as of 2026 a federal court has enjoined the CFPB from enforcing it, and the CFPB has reopened the rule to substantially revise it. The original April 2026 first-tier compliance deadline did not become a binding enforcement trigger.
Was the Section 1033 rule vacated?
Not by a final judgment. Some coverage loosely says 'vacated,' but the precise status is that the rule is subject to a preliminary injunction against enforcement and an ongoing CFPB reconsideration (a new rulemaking), not a final order striking it down.
Can banks charge for open banking data access under Section 1033?
The 2024 rule effectively barred data providers from charging consumers or authorized third parties for access. The CFPB's August 2025 reconsideration explicitly reopened that question, so whether fees will be permitted is now an open issue — against the backdrop of commercial deals like JPMorgan charging aggregators for data.
More Regulations Terms
DORA
Digital Operational Resilience ActThe Digital Operational Resilience Act is an EU regulation that sets ICT security standards for fina...
DPDI Bill
Data Protection and Digital Information BillThe Data Protection and Digital Information Bill is a piece of UK legislation that makes changes to ...
EBA RTS
European Banking Authority Regulatory Technical StandardsThe European Banking Authority develops Regulatory Technical Standards which are submitted to the Eu...
eIDAS
Electronic Identification, Authentication and Trust ServiceseIDAS is an EU regulation on electronic identification and trust services for electronic transaction...
FIDA
Financial Data Access RegulationFIDA is an upcoming EU regulation that will extend Open Finance beyond payments to cover savings, in...
GDPR
General Data Protection RegulationThe General Data Protection Regulation is a regulation by which the European Parliament, the Europea...
Explore More Open Banking Resources
Dive deeper into the Open Banking ecosystem with our comprehensive directories.