Federal News
CFPB Advances Open Banking Rule
March 17, 2026
The Consumer Financial Protection Bureau (CFPB), supported by Congresswoman Ayanna Pressley and the House Financial Services Committee, is advancing the Open Banking rule to enhance consumer control over personal financial data. This rule aims to limit large financial institutions' control by enabling consumers to securely share their financial information with third-party providers of their choice, fostering competition and innovation in financial services. Procurement professionals and contractors in financial technology and data services should note the increasing regulatory emphasis on data privacy and interoperability standards that will shape future government and private sector contracts.
- The CFPB's Open Banking rule signals growing federal regulatory focus on consumer data autonomy and privacy within financial services.
- Financial technology vendors and service providers may find new opportunities to support compliant data-sharing platforms and secure API integrations.
- Procurement teams should anticipate requirements for enhanced data security, privacy controls, and interoperability in upcoming contracts related to financial data management.
- Organizations involved in government financial services contracts should align offerings with the CFPB's consumer-centric data policies to remain competitive.
Why do large corporations that benefit from people being locked into their services oppose the ability of people to walk away in response to market forces? I think that’s the question sort of answers itself, unfortunately.
— Ms. MacCleery, CFPB
It’s the people’s data. It’s the people’s money. And we can’t innovate financial privacy laws without our communities being at the center of those decisions.
— Ayanna Pressley, Congresswoman
Agencies
Consumer Financial Protection Bureau, House Financial Services Committee