What is the Rule 1033 for open banking?
Rule 1033 is a US open banking regulation issued by the Consumer Financial Protection Bureau (CFPB) in October 2024, which gives Americans the right to access and share their personal financial data held by banks and financial companies. It requires covered financial institutions to provide standardised data access to consumers and authorised third parties via APIs. It is the US equivalent of the UK’s open banking framework, which was mandated seven years earlier.
How does Rule 1033 compare to the UK’s open banking framework?
The UK’s open banking framework, mandated by the CMA in 2016 and governed by the FCA under the Payment Services Regulations 2017, is more mature and further developed than Rule 1033. The UK framework covers both data sharing (AISPs) and payment initiation (PISPs), while Rule 1033 initially focuses on data access only. The UK also has a broader ecosystem of FCA-regulated TPPs built on its framework, whereas the US is still in the early stages of implementation.
Why does Rule 1033 matter for the UK open banking industry?
Rule 1033 is significant for UK open banking providers because it opens the US market — the world’s largest financial market — to open banking infrastructure and fintech services. UK firms like TrueLayer, Plaid (now US-headquartered but with UK roots), and Yapily are positioned to expand into the US. The global standardisation of open banking principles also strengthens the case for international data portability frameworks.
Open Banking in Practice: Rule 1033 was subject to legal challenges from US banking industry groups after its issuance. The CFPB under the Biden administration finalised the rule; its long-term implementation depends on subsequent regulatory and political developments in the US. For UK businesses operating internationally, understanding Rule 1033’s scope and timeline is important for cross-border open banking strategy. Read our international open banking analysis on openfuture.world.
FAQ
Is Rule 1033 the same as PSD2?
No — PSD2 is the EU’s open banking directive, which the UK implemented via the PSRs 2017; Rule 1033 is the separate US framework, broader in some data rights but narrower in payment scope.
Does Rule 1033 apply to UK banks operating in the US?
Yes — any UK bank or fintech with US operations that meets the coverage thresholds must comply with Rule 1033 for their US customers.
What is the difference between open banking in the UK and the US?
The UK framework includes both data sharing and payment initiation and has been live since 2018; the US Rule 1033 focuses on data access and began implementation in 2025.