Since the presidential inauguration, the new administration’s personnel and leadership changes have impacted a number of federal regulatory agencies, including the Consumer Financial Protection Bureau (CFPB). Though changes in priority are common during a turnover in presidential leadership, the rapid changes at the CPFB have caused understandable uncertainty for customers, industry participants, and stakeholders who work on consumer finance issues.
President Trump mandated a regulatory freeze on January 20 that directed federal agencies to stop rulemaking and stay the effective date of any rules that have not been finalized. However, this regulatory freeze did not impact the status of CFPB’s Required Rulemaking on Personal Financial Data Rights, i.e. Rule 1033, which was finalized in November 2024 and became effective on January 17, 2025. This means that, as of today, Rule 1033 remains in effect as finalized, and the first set of covered institutions are still required to be in compliance on April 1, 2026. All other dates, timelines, and requirements published in the final rule are still in place. For additional information on the CFPB’s final rulemaking, take a look at Akoya’s blog post on helping institutions comply with Rule 1033.
While Akoya continues to monitor potential regulatory changes, several things remain constant. Consumer permissioned data sharing and open banking are issues with bipartisan support, and there is universal acknowledgment that regulation of open banking is necessary for industry growth.
In the face of uncertainty, institutional compliance with Rule 1033 is compelling not only because of the risk of enforcement, but primarily because safety, security, data privacy are top of mind for consumers. Financial institutions and third parties that meet the requirements of Rule 1033 will have a competitive advantage when it comes to delivering services to their customers.
What’s been happening at the CFPB?
Although the Trump Administration has curtailed actions at the CFPB and other regulatory agencies, the CFPB was created by Congress in 2010 via the Dodd-Frank Wall Street Reform and Consumer Protection Act and cannot be eliminated by an executive order or any other unilateral act from the executive branch. Like others in the industry, Akoya continues to monitor changes at the Bureau.
Leadership changes:
- January 31: Former Director Rohit Chopra is removed from his role.
- February 3-7: Treasury Secretary Scott Bessent served as Acting Director.
- February 7: Office of Management and Budget Director Russell Vought is named Acting Director.
- February 11: President Trump nominates Jonathan McKernan for permanent Director of the CPFB.
Instructions and statements to CFPB staff:
- February 3: Acting Director Bessent issued instructions suspending effective dates for final rules. CFPB Staff was directed to make appearances in litigated matters, other than to seek a pause.
- February 7: Acting Director Vought issued further instructions extending the pause to supervision, enforcement activities, and stakeholder engagement.
- February 8: Acting Direct Vought notified the Federal Reserve that the next funding draw for the CFPB funding will not be needed. The CFPB has over $700m in reserves, enough to fund operations for almost a year.
- February 9: CFPB staff was directed to stay out of the office and pause any work-related tasks.
How Akoya can help
Akoya is a leading provider in the financial data access and sharing ecosystem, serving over 4,600 financial institutions, including small and medium-sized banks, credit unions, fintechs, and data aggregators.
We provide these services not just to help our customers comply with regulations, but because we were founded on open banking principles that prioritize security, consumer control and choice, and data privacy.
At Akoya, we are committed to empowering consumers to manage their finances by simplifying how they share the data that powers their financial apps. Akoya champions 100% Application Programming Interface (API)-based connections for a more secure and consumer-friendly experience.
Akoya follows industry standards designed to unify the financial services ecosystem. As a founder and board member of FDX, the CFPB’s official Standard-Setting Organization (SSO) for Rule 1033, we align our API products with FDX’s common, interoperable, and royalty-free technical standards that enable consumers to securely access and share their financial data.
In addition to our Data Access Network, a key component of our ability to serve financial institutions and third parties is our end-to-end 1033 Compliance Solution. Akoya has ready-to-leverage solutions that are white-labeled. In addition to assisting institutions with the technical lift, we serve as the central access point for third-party security assessments, legal agreements, support, policy adherence, and record retention—all in close partnership with financial institutions.
In the face of political uncertainty, Akoya remains committed to continuing our support of the open banking ecosystem and supporting our customers and stakeholders.
