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Open Banking in the US: Regulations, News, Providers and Market Guide

Open banking in the US lets consumers and small businesses share their bank and card data with the apps they choose, such as budgeting tools, payment services and lenders, through secure connections instead of shared passwords. This page brings together US open banking news, plain-English explainers on US open banking regulations, and coverage of the technology, companies and trends shaping the sector, all in short, sharp summaries you can read in minutes.

Unlike the UK and the EU, where regulators mandated data sharing years ago, open banking in the United States has grown mostly through market forces, bank and aggregator agreements, and a federal rule that is still being rewritten. Whether you follow open banking technology, open banking fintech companies or the policy debate, start here. For wider coverage, visit the Fintech InShorts homepage, browse our open banking archive or explore the fintech news category.

Last updated: October 22, 2026

Latest US Open Banking News

Our US open banking news digest is refreshed weekly, so you can catch up on the biggest stories quickly.

  • The CFPB’s Section 1033 rule is still blocked. A federal court has barred enforcement of the October 2024 rule while the Bureau reconsiders it, and a revised proposal was sent to the White House for review in early August 2026. Follow related policy stories in our RegTech category.
  • Data access now has a price tag. JPMorgan Chase updated its contracts with Plaid, Yodlee, Morningstar and Akoya by late 2025, covering more than 95 percent of the open banking requests it receives. See more payments coverage in our PayTech category.
  • Banks keep signing aggregator deals. Despite the paused federal rule, large banks including Truist, JPMorgan, Wells Fargo and Citi have announced or signed data-access agreements with aggregators. More bank coverage is in our BankTech category.
  • Adoption keeps outrunning builders. Read why in Open Banking Growth: Outpacing Developers’ Efforts.

What Is Open Banking in the US?

Open banking in the US is a system in which customers can authorize third parties to access their account data from banks, card issuers and other financial institutions. The data usually moves through application programming interfaces (APIs), and the customer decides what is shared, with whom and for how long.

Three groups make the system work. Data providers are the banks and card issuers that hold the accounts. Data aggregators are intermediaries that connect to many institutions at once. Third-party apps are the budgeting, payments, lending and accounting services that use the data to serve customers.

The legal foundation is Section 1033 of the Dodd-Frank Act, passed in 2010, which gives consumers a right to access their financial data. For more than a decade the details were left to the market. That is why open banking in the United States looks different from the regulator-led models in Europe and the UK. For a global comparison, see our coverage of API regulation and PSD3 in Europe.

US Open Banking Regulations

This section is a general overview, not legal advice. US open banking regulations are in flux, so always check current official sources before making compliance decisions.

Section 1033 and the CFPB’s Personal Financial Data Rights rule

The Consumer Financial Protection Bureau (CFPB) finalized its Personal Financial Data Rights rule on October 22, 2024. As written, it requires covered data providers to share account and transaction data with consumers and authorized third parties, using standardized developer interfaces. It focuses on credit cards and Regulation E accounts such as checking and prepaid accounts, covers up to 24 months of transaction history, limits how third parties may use the data, and bars fees for data access. Compliance was set to begin April 1, 2026 for the largest providers and phase in through 2030.

Where the rule stands today

The rule is on the books but not enforceable. Bank trade groups sued over it, and a federal court in Kentucky entered a preliminary injunction in late 2025 that bars the CFPB from enforcing it while the Bureau reconsiders it. In August 2025 the CFPB opened that reconsideration with an advance notice asking for comment on four issues: who counts as a consumer’s representative, whether providers may charge fees, data security, and data privacy. In early August 2026, a revised proposal titled Personal Financial Data Rights Reconsideration was sent to the White House Office of Information and Regulatory Affairs for review. Reports indicate it could reach the Federal Register in the fourth quarter of 2026, but the revised text had not been made public in the reports we reviewed. Check the CFPB’s official page for the latest status.

States and standard-setters

States are starting to look at the issue. New York, for example, has seen proposed legislation that would extend data access rights to more products than the federal rule covers, including small business accounts. On the standards side, the CFPB recognized the Financial Data Exchange (FDX) in January 2025 as the first standard-setting body under the rule, and the market is converging on the FDX API specification regardless of the rule’s legal status.

For ongoing coverage, browse our RegTech category.

Open Banking Technology and APIs in the US

Open banking technology replaces the old practice of screen scraping, where an app logged in with a customer’s username and password, with permissioned, token-based access. The customer signs in at their own bank, approves a specific scope of data, and the app receives a token instead of a password. That reduces credential exposure and gives banks more control over how data is requested.

Open banking APIs in the US are mostly built around the FDX standard. FDX has reported that APIs now carry roughly two-thirds of permissioned data traffic, and that connections between companies reached about 114 million. Common use cases include:

  • Account verification for faster onboarding and payment setup
  • Account-to-account payments that can bypass card networks
  • Cash-flow underwriting for lenders that assess income and spending patterns
  • Personal finance and accounting tools that pull data from many institutions

See how related technology trends are playing out in our coverage of embedded accounting, open banking payments and agentic payments.

Consumer Financial Data Sharing and US Banking Data Privacy

Consumer financial data sharing works on consent. Under the 2024 rule, authorized third parties may use the data only as reasonably necessary to provide the product or service the consumer requested, and consumers should be able to revoke access. Those protections are among the issues the CFPB reopened in 2025, along with data security.

US banking data privacy is governed by a patchwork. Federal laws such as the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act apply alongside state privacy laws, and the open banking rule adds its own limits on data use. When you connect an account, it helps to check:

  • What data the app is asking for, and why
  • How long access lasts and how to revoke it
  • Whether the connection runs through a bank-hosted login or asks for your password directly

For related stories on fraud and risk, see AI fraud prevention and RegTech fraud collaboration.

Open Banking Providers in the US

The market for open banking providers in the US has three layers.

Data aggregators

Aggregators such as Plaid, MX, Finicity, Yodlee and Akoya sit between banks and apps. Akoya is described as a bank-owned aggregator, and some large banks have encouraged fintechs to use it. Aggregators carry most of the connectivity work, and they are most exposed to any data-access fees banks impose.

Banks and card issuers

Large institutions including JPMorgan Chase, Wells Fargo, Citi and Truist have signed bilateral agreements with aggregators that set terms for access, security and, in some cases, pricing.

Open banking fintech companies

Open banking fintech companies build on top of the data. They include payment providers, lenders, budgeting apps, accounting platforms and embedded finance startups. Read about recent deals and moves in our coverage of Access PaySuite’s acquisition of Ordo’s open banking infrastructure, the Abound and ClearScore partnership and Trustly’s job cuts. Funding activity is tracked on our fintech funding news page.

The US Open Banking Market

Estimates of the US open banking market vary widely by research firm, so we focus on usage and economics rather than a single size figure. JPMorgan has said the number of apps linked to its customer accounts grew from 5,000 to 11,000 over two years, with monthly API data calls doubling from 1 billion to 2 billion. That kind of growth explains why banks and aggregators are negotiating over who pays for the infrastructure.

The fee debate is the central tension. Banks argue that access fees help fund and protect the systems that serve data requests. Fintech trade groups argue that fees are barred by current law and harm competition and consumers. Because the CFPB reopened the fee question, the final answer is still unknown. The practical result is that data-access costs are now a planning variable for anyone building in the US.

Open Banking Trends in the US

Key open banking trends in the US to watch:

  • A federal rule reset: the revised CFPB proposal will decide scope, fees and who counts as an authorized third party.
  • From scraping to APIs: FDX-based connections continue to replace credential-based access.
  • Bilateral deals over mandates: private agreements between banks and aggregators are setting the terms in the meantime.
  • State-level action: proposals such as New York’s could create overlapping rules.
  • AI and agentic payments: permissioned data is becoming the fuel for automated underwriting, fraud detection and AI-driven payments. See our AI category.
  • Crypto and digital assets: exchanges and wallets rely on bank connections for funding and withdrawals. See our Crypto category.

Open Banking Beyond the US

The US debate is easier to follow with global context. Regulator-led markets show what a mandate can do, and they influence how US banks and fintechs think about data sharing.

Recent Open Banking Coverage

Browse recent open banking articles from Fintech InShorts. New stories are added as they are published, and the full list lives in our open banking archive.

Working in fintech? See open roles on our jobs board, or read longer analysis in our blogs section.

Open Banking in the US: FAQ

What is open banking in the US?

Open banking in the US is the practice of letting customers share their financial account data with third-party apps and services, with their permission, through secure connections. It powers tools for budgeting, payments, lending and accounting.

Is open banking required by law in the United States?

Section 1033 of the Dodd-Frank Act gives consumers a right to access their financial data, and the CFPB finalized a rule to implement it in October 2024. However, a federal court has blocked enforcement of that rule while the CFPB reconsiders it, so open banking in the United States currently runs mainly on private agreements between banks and aggregators.

What is the CFPB Section 1033 rule?

It is the Personal Financial Data Rights rule, which sets requirements for sharing account data with consumers and authorized third parties. Its original compliance dates began on April 1, 2026, but those dates are on hold while the rule is rewritten.

Which companies are open banking providers in the US?

Well-known open banking providers in the US include data aggregators such as Plaid, MX, Finicity, Yodlee and Akoya. Banks such as JPMorgan Chase, Wells Fargo, Citi and Truist act as data providers through agreements with those aggregators.

Can banks charge for data access?

The 2024 rule effectively barred fees, but the CFPB reopened the question in 2025. Meanwhile, JPMorgan Chase has already signed paid access agreements with major aggregators. Fintech groups say fees are prohibited by current law, while banks say they cover infrastructure costs. The outcome will shape the US open banking market.

Is open banking safe, and how does it protect my data?

Modern connections use permissioned access, so you approve specific data and the app receives a token instead of your password. Still, US banking data privacy depends on the apps you choose, so review what data they request and how to revoke access.

How often is this page updated?

This hub is refreshed weekly, and new stories are added as they are published. For questions or story tips, contact us or learn more about Fintech InShorts.