Section 1033 of the Dodd Frank Act was finalized at the end of the Biden administration and would require banks to give consumers free access and control of their personal banking data.

The rule had met legal pushback from the bank industry and the CFPB under the Trump administration planned to scrap it. But last week, the bureau said it will instead rewrite Section 1033.

Marketplace’s Meghan McCarty Carino discusses the news with Rohit Chopra, who served as the director of the Consumer Financial Protection Bureau when the rule was finalized in 2024.