Is it allowed for U.S. financial institutions to deny consumers access to their own transaction data under the new Open Banking rule?

Last updated on October 3, 2025

No, it is not allowed. Under the CFPB’s finalized Open Banking rule (October 2024), financial institutions must provide consumers with access to at least 24 months of transaction history, including payment types, merchant names, and fees. This rule empowers consumers to securely share their financial data with third-party apps and services, promoting transparency and competition. Institutions must comply without charging fees for access and must ensure data privacy and security.

https://privacymatters.dlapiper.com/2024/11/cfpb-finalizes-open-banking-rule-under-section-1033-key-takeaways-for-accessing-consumer-financial-data/

11/1/2024