US Open Banking Rewrite Remains Under White House Review Since 4 August

The Consumer Financial Protection Bureau's rewrite of the United States open-banking rule entered White House regulatory review on 4 August 2026 and remained pending on 12 August. The Office of Information and Regulatory Affairs identifies it as RIN 3170-AB39, a proposed rule titled Personal Financial Data Rights Reconsideration.

The submission confirms that the process has advanced. It does not mean the White House has approved the proposal, that the CFPB has published its text or that any new requirement has taken effect.

What the White House Record Confirms

OIRA records 4 August as the received date, labels the proposal economically significant and lists no legal deadline for completing the review. As of 12 August, its status remained pending.

Eight calendar days had elapsed between receipt and this article's status check. That is a measurement, not a prediction of when OIRA will finish.

OIRA's public search also lists no EO 12866 meetings for the proposal. That means no meetings appear in the public register; it does not prove that no interagency or other nonpublic discussions have taken place.

The Proposed Text Is Still Not Public

Neither the OIRA docket nor the CFPB's rule-development page publishes the proposed regulatory text. The CFPB page still points to the advance notice of proposed rulemaking issued on 22 August 2025, which collected evidence before a new proposal was drafted.

It is therefore not yet possible to confirm that the rewrite would permit banks to charge for data access, narrow which fintechs can receive data, reallocate fraud liability, replace privacy obligations or establish new compliance dates.

Those are possible subjects of the proposal because the CFPB reopened them. They are not completed policy changes.

Five Questions Are Back in Play

The 2024 Personal Financial Data Rights Rule was intended to implement Section 1033 of the Dodd-Frank Act. It required covered providers to make specified financial data available electronically to consumers and qualifying authorised third parties, generally without charging an access fee.

The CFPB's reconsideration reopens five parts of that framework: who qualifies as a consumer's representative; whether providers may recover the cost of required data access; whether the combined security requirements adequately control risk; whether the privacy, retention and deletion rules are sufficient; and when covered institutions would have to comply.

▸

The 4 August filing does not answer any of those questions publicly. It does not itself authorise access fees, change fraud liability, narrow third-party access or create a new compliance date.

The Court Stay Is Still the Operational Baseline

A federal district court order dated 29 October 2025 postponed the rule and enjoined the CFPB from enforcing it until the agency completes its reconsideration. The litigation was brought by Forcht Bank, the Kentucky Bankers Association and the Bank Policy Institute; the Financial Technology Association intervened in support of the rule.

The 4 August OIRA submission is an important procedural step, but it does not complete the reconsideration named in the injunction. Firms therefore cannot treat the 2024 compliance schedule as an active federal implementation timetable.

The old rule has not simply been replaced either. OIRA is reviewing a proposal. The public will need the notice of proposed rulemaking, the proposed regulatory text and the comment deadline before the scope of the rewrite can be measured.

What Can Be Concluded Now

A national Section 1033 framework is still being rewritten rather than quietly abandoned. The filing has moved from the CFPB's internal process into formal White House review.

The largest commercial questions remain unresolved. No public document connected to the 4 August submission yet authorises a data-access fee, reallocates liability, changes the definition of an authorised third party or establishes a new implementation date.

The next material event is documentary: publication of the proposed rule and its supporting analysis. Until that happens, the most accurate description of US open banking is not "implemented" or "repealed." It is stayed, under reconsideration and awaiting public text.