ICBA Statement on the CFPB’s Proposed Rule to Implement Section 1033 Standards on Sharing Consumer Financial Data

Washington, D.C. (Aug. 21, 2025) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Consumer Financial Protection Bureau proposed rule to implement Section 1033 of the Dodd-Frank Act.

“As the CFPB considers a new proposed rule to implement Section 1033 standards on sharing consumer financial data, ICBA and the nation’s community bankers strongly encourage the agency to include needed protections for community banks and the customers they serve.

“In its new rulemaking, the CFPB should preserve an ICBA-advocated provision from the previous rule exempting small community banks from the requirement to create and maintain a third-party developer interface, allow banks to charge reasonable fees for third parties to access bank customers’ data, and enhance bureau oversight of third-party data privacy protections. The nation’s community banks should not be required to bear the costs of establishing and maintaining developer portals to allow third-party companies to access consumer data.

“Ultimately, we encourage the CFPB to focus its new rulemaking on promoting data security at third-party entities. Nonbank fintechs that access customer information and store bank login credentials may not take the same care in protecting consumer privacy and data that community banks do. Enhancing data security and oversight at these third-party entities will help ensure community banks are not faced with the impossible task of vetting the security protocols of potentially thousands of fintech companies seeking to access their customers’ data.

“ICBA looks forward to fully reviewing today’s proposed rule while we continue to work with the CFPB to minimize the impact of its rule on consumer privacy, regulatory compliance burden, data security, and the legal complications presented by permissioned third-party access to consumer bank accounts—in line with ICBA’s “Repair, Reform, and Thrive” plan for the 119th Congress and Trump administration.”

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.