Published Article
What Banks Must Do While 1033 Open Banking Rules Hang in Legal Limbo
Read Time: 1 minMember Adam Maarec (Washington, DC) authored an article in The Financial Brand, “What Banks Must Do While 1033 Open Banking Rules Hang in Legal Limbo,” published on July 10, 2025. His article explores how banks and fintechs are navigating the uncertain regulatory environment surrounding open banking, particularly as legal challenges delay the implementation of the CFPB’s Section 1033 rule. Adam highlights strategies financial institutions are using to prepare for greater data sharing while maintaining compliance.
The Consumer Financial Protection Bureau’s final Personal Financial Data Rights rules — often referred to as the “open banking” rules or as “1033” in reference to the section of the Dodd-Frank Act that gives consumers a right to access account data electronically — have been caught in litigation since the day they were published in October 2024.
But this is no ordinary lawsuit. Following is a brief summary of this unusual litigation and the possible outcomes. This is followed by a series of questions that companies operating in the open banking ecosystem can ask now while the case continues to be litigated.