CFPB Seeks Input on Section 1033 Data Sharing Reconsideration

Posted: Aug 27 2025

The CFPB is seeking public comment on the costs and challenges of enforcing the Dodd-Frank Act’s data sharing requirements as it considers new rulemaking to implement the law.

Section 1033 of the Dodd-Frank Act requires financial institutions to make a consumer’s financial information available in electronic form. The CFPB issued a final rule last year to implement the law, but it was challenged in federal court. The bureau requested a stay in the lawsuit to give it time to issue new rulemaking, which the court recently granted. The CFPB said as part of its reconsideration of the rule, it plans to issue a notice of proposed rulemaking to extend the compliance dates.

According to an advanced notice of proposed rulemaking, the CFPB is seeking data and comments to inform it in four areas as it drafts a new rule:

The proper understanding of who can serve as a “representative” making a request on behalf of the consumer.
The optimal approach to the assessment of fees to defray the costs incurred by a “covered person” in responding to a customer-driven request.
The threat and cost-benefit pictures for data security associated with Section 1033 compliance.
The threat picture for data privacy associated with Section 1033 compliance.

Comments must be submitted within 60 days of publication of the request in the Federal Register.