BOSTON, MA | October 23, 2025
Akoya commends the Bureau for continuing to advance consumer data rights and for revisiting the Personal Financial Data Rights Rule to further strengthen security, transparency, and competition in the financial data ecosystem. In its comments, Akoya urges the CFPB to refine key provisions of the rule to accelerate the transition to safe, API-based data access while maintaining consumer choice and trust.
"We appreciate the CFPB's leadership in advancing consumer data rights," said Courtney Robinson, Head of Policy and Communications at Akoya. "As the Bureau reconsiders the Section 1033 final rule, we encourage a balanced approach that eliminates credential-based access, supports fair and sustainable infrastructure, and upholds consumers' ability to control how their data is shared."
Akoya’s response highlights several recommendations for the Bureau’s consideration:
Ban screen scraping once API-based developer interfaces are available to protect consumers from unnecessary security risks.
Support a sustainable framework for reasonable fees that encourages financial institutions to invest in and maintain secure connections while improving customer and developer experiences.
Preserve clear consent and secondary-use limits to ensure consumer control and data minimization.
Clarify the definition of “representative” to include authorized third parties acting on behalf of consumers under defined guardrails.
Implement the revised rule with urgency to reduce systemic risks while allowing reasonable time for compliance.
These recommendations reflect Akoya’s broader mission to empower consumers with secure and reliable access to their financial data while promoting innovation and fairness across the financial services industry.
Akoya supports the CFPB’s ongoing work to build a consistent, consumer-centric framework for open finance. By strengthening safeguards around data access and eliminating outdated practices, the Bureau can further advance an ecosystem where consumers, financial institutions, and fintechs all benefit from a secure, transparent, and efficient data-sharing environment.
Read Akoya’s full comment letter.
About Akoya
Akoya is transforming the way consumer financial data is accessed and shared. Through a single integration to the Akoya Data Access Network, data aggregators and fintechs can directly connect with financial institutions to securely obtain consumer-permissioned financial data through APIs. Akoya manages these relationships and serves as an interoperable solution available to the entire financial services industry.
Media Contact: Courtney Robinson, Head of Policy & Communications, Courtney.Robinson@akoya.com