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Finance

The Open-Banking Toll Collectors Get Paid Whether or Not the Rule Survives

While courts freeze the CFPB's open-banking mandate, the data-aggregation vendors banks already pay to move account data keep collecting regardless of the rule's fate.

Image: Money Racket
By at Money Racket · Mar 25, 2026

The CFPB's Section 1033 rule — the "open banking" mandate requiring banks to hand consumers' transaction data to fintechs on request — is currently enjoined by a federal court in Kentucky and back on the CFPB's own drafting table. That sounds like a story about a rule that failed. It isn't. Every bank and credit union in America still has to solve the underlying problem the rule exposed: fintechs and their customers are already pounding on banks' systems to pull account data, mandate or no mandate. The uncertainty doesn't pause the spending — it just moves it from "build our own pipes" to "buy someone else's," and a small set of already-public vendors own those pipes.

Who cashes in:

The compliance uncertainty doesn't pause the spending — it just moves it from build to buy, and a small set of already-public vendors own the pipes.

Mastercard (MA) bought Finicity, one of the three dominant U.S. bank-data aggregators, for $825 million back in 2020 — years before Section 1033 existed. Whatever fee structure or "representative" definition the CFPB eventually lands on, Finicity is the connective tissue between banks' core systems and the thousands of fintech apps that need verified account, balance, and transaction data. Mastercard's Data & Services segment profits off both the rule and the regulatory limbo surrounding it.

Visa (V) owns Tink, the European open-banking connectivity platform it's pushing into the U.S. for account verification and data-sharing infrastructure. Visa doesn't need 1033 finalized to sell identity and account-ownership verification to banks and fintechs worried about fraud on data-sharing pipes — it needs the market's underlying anxiety about access and fraud, which the CFPB proceeding has only sharpened.

Fiserv (FISV) is the quiet workhorse. Its AllData Connect product sits inside the firewall of roughly 3,000 community banks and credit unions — the institutions least equipped to build their own consent-and-token API layer — and has cut data-sharing agreements with Plaid, MX, Finicity, and Akoya so those banks can claim compliance-ready connectivity without writing a line of code themselves. Small banks pay Fiserv a recurring fee for that gateway regardless of the rule's fate, because they were already exposed to fintech credential "screen-scraping" and wanted a licensable, safer alternative.

Who is exposed:

Regional banks (KRE) carry the cost side of this trade. They don't own aggregation infrastructure and can't spread compliance spend across a global payments network the way Visa and Mastercard can. They face a choice between building costly in-house APIs or paying processors like Fiserv indefinitely — with no certainty the rulemaking that justified the spend will even survive judicial review.

The play: Nothing here depends on Section 1033 surviving in its current form. The CFPB's reconsideration is explicitly revisiting whether banks can charge aggregators fees — an outcome that would flow straight through Mastercard's and Visa's existing infrastructure relationships. Watch the CFPB's docket for how it resolves the fee question; that reprices the toll, it doesn't remove it.

Source: original report ↗

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