Understanding the Impact of Data Access Fees

The CFPB’s new ANPR on Section 1033 asks a fundamental question that holds the potential to redefine the open banking landscape — who pays for data access?

While the previous rule prohibited fees, the CFPB has reopened the conversation on whether data providers should be permitted to charge for data access, and if so, what is a “reasonable rate”. This debate could significantly reshape the open banking framework and competitive dynamics between financial institutions and fintech innovators.

Join us for our next virtual discussion where we’ll discuss the critical questions on everyone’s mind:

• Who should pay the cost of data access under Section 1033?
• What would a “reasonable rate” look like in practice?
• How can financial institutions prepare for the possible regulatory outcomes ahead?