Roughly a third of bank and credit union executives believe the Consumer Financial Protection Bureau’s financial data sharing rule won’t benefit their institutions or customers, according to a recent survey by Cornerstone Advisors.
The CFPB last year released a final rule implementing Section 1033 of the Dodd-Frank Act as part of a push to move the U.S. toward an “open banking” system. Among its provisions, the rule requires banks and other financial institutions to make a consumer’s financial information available to them or a third party at the consumer’s direction.
The survey found that 33% of executives believe the rule won’t benefit their institutions or customers, while another 21% said it would benefit only customers. The same percentage — 21% — said it would benefit institutions and customers, while the remainder said they were not sure.
The survey also asked respondents about their top concerns for 2025. For banks, the top three concerns were deposit gathering; efficiency, noninterest expenses and costs; and cost of funds. For credit unions, the top three were new member growth, efficiency, noninterest expenses and costs; and deposit gathering.
