More than 130 million US and Canadian consumer accounts now connect through the FDX open finance API, up from 114 million in mid-2025, according to the Financial Data Exchange, even as the CFPB's own Section 1033 open banking rule sits enjoined and under reconsideration rather than actually in force. Adoption is scaling through industry standards while federal rulemaking stalls, a split that defines where US open banking actually stands in 2026.
Below is how account connectivity has grown across the major US and UK networks, exactly where the CFPB's rule stands today, and how differently banks of different sizes are prioritizing open finance.
How many accounts are connected through open banking today?
The FDX open finance API connects more than 130 million US and Canadian consumer accounts as of early 2026, up from 114 million in mid-2025, according to the Financial Data Exchange, the non-profit consortium that maintains the standard. FDX has grown to more than 180 member organizations building on the same specification. Plaid, one of the largest individual data-access providers built partly on FDX and its own direct connections, separately reports powering data access for over 150 million accounts globally, supporting apps including Venmo, Robinhood, and Coinbase.
Figure 1: Connected consumer accounts by open banking network, early 2026. Source: Financial Data Exchange; Plaid; Open Banking Limited.
The UK tells a comparable growth story on a smaller population base. UK open banking users grew from 12.1 million in December 2024 to 16.5 million in December 2025, a 36% increase, according to Open Banking Limited, the UK's open banking standards body. Payments processed through open banking rails climbed to 351 million in 2025, a 57% year-over-year jump, and API call volume rose 27% to 24 billion calls.
Figure 2: UK open banking API call volume, 2024 to 2025. Source: Open Banking Limited.
Where does the CFPB's Section 1033 rule actually stand?
The CFPB finalized its Section 1033 personal financial data rights rule in October 2024, but it is not currently in force. The Bank Policy Institute and Kentucky Bankers Association sued the same day the rule was issued, and a federal court in the Eastern District of Kentucky enjoined enforcement while the case proceeded. Bureau leadership then reversed its own position: on May 30, 2025, the CFPB filed a motion asking the court to vacate the rule outright, arguing it exceeded the Bureau's statutory authority. Rather than a final rescission, the CFPB instead opened a fresh rulemaking process, publishing an Advance Notice of Proposed Rulemaking on August 22, 2025. The rule's original compliance deadline, which would have applied first to the largest data providers in April 2026, passed without becoming a binding enforcement trigger.
Figure 3: How the CFPB's Section 1033 open banking rule moved from final rule to legal limbo, October 2024 to 2026. Source: Consumer Financial Protection Bureau filings; Cozen O'Connor; Mitchell Sandler client alerts.
Figure 4: Section 1033 regulatory timeline, 2024 to 2026. Source: Consumer Financial Protection Bureau; Cozen O'Connor.
In practical terms, US open banking data sharing today runs almost entirely on industry-built standards like FDX rather than a federal mandate, which is part of why account connectivity keeps climbing even as the CFPB's own rule remains stalled. Businesses relying on that data-sharing relationship still need a privacy policy that discloses exactly what account data is shared, with which aggregator, and under what consumer authorization, regardless of whether Section 1033 itself is currently enforceable.
Do banks actually see open finance as a priority?
Priority varies sharply by institution size. 68% of regional bank professionals rate open finance a high or critical priority, compared with 55% at national and global banks, 49% at credit unions, and just 16% at community banks, according to American Banker's 2026 State of Open Finance Adoption Report, sponsored by Akoya and based on a survey of 218 banking professionals fielded in October 2025.
Figure 5: Share of banking professionals rating open finance a high or critical priority, by institution type, 2026. Source: American Banker, 2026 State of Open Finance Adoption Report, sponsored by Akoya.
That gap suggests the smallest institutions, community banks especially, remain the weakest link in the open banking ecosystem, even as regional and national banks race to build the data-sharing infrastructure that fintechs and aggregators depend on. For how those same fintechs approach vendor risk and compliance once they are connected to that data, see 41.8% of Fintech Breaches Trace to Vendors: 2026 Data.
The Bottom Line
Open banking adoption in the US and UK keeps accelerating by every account-connectivity and transaction-volume measure available, even though the CFPB's own rule meant to standardize and mandate it remains legally stalled nearly two years after being finalized. That split, real infrastructure growth against unresolved federal rulemaking, means the compliance obligations a data-sharing fintech actually faces today come more from GLBA, state privacy law, and its own consumer authorization terms than from Section 1033 itself. Any business built on shared account data should generate a privacy policy that reflects that current legal reality rather than assuming a federal open banking mandate is already in force. Smaller data-sharing businesses face the same documentation gap as smaller firms generally; see 64% of Small Firms Document Privacy Policies: 2026 Data for how that shortfall plays out beyond the largest institutions. A closer look at charity and nonprofit compliance, the next post planned for this cluster, is not yet published on this site.
Frequently Asked Questions
How many US accounts are connected through open banking? More than 130 million consumer accounts connect through the FDX open finance API as of early 2026, up from 114 million in mid-2025, according to the Financial Data Exchange. Plaid separately reports powering data access for over 150 million accounts globally.
Is the CFPB's open banking rule currently in effect? No. The CFPB finalized its Section 1033 open banking rule in October 2024, but a federal court enjoined enforcement after a bank trade group lawsuit, and the CFPB itself moved to vacate the rule in May 2025, calling it unlawful. The Bureau opened a new rulemaking process in August 2025, and the rule's original April 2026 compliance deadline passed without becoming a binding enforcement trigger.
How fast is open banking growing in the UK? UK open banking users grew from 12.1 million in December 2024 to 16.5 million in December 2025, a 36% increase, according to Open Banking Limited. Open banking payments climbed to 351 million in 2025, a 57% increase, and API call volume rose 27% to 24 billion.
Do US banks see open finance as a priority? It varies sharply by size. 68% of regional bank professionals rate open finance a high or critical priority, compared with 55% at national and global banks, 49% at credit unions, and just 16% at community banks, according to American Banker's 2026 State of Open Finance Adoption Report, based on a survey of 218 banking professionals.
Where the Numbers Come From
- Crowdfund Insider. (2026). "Fintech Plaid Reports Growth In Open Banking Adoption, Improves Platform Security." FDX account connectivity figures, January 2026.
- Open Banking Limited. (2025-2026). UK open banking user, payment, and API call volume figures.
- Consumer Finance Monitor. (2025). "CFPB will kill Section 1033 Open Banking Rule." CFPB motion to vacate, May 30, 2025.
- Cozen O'Connor. (2026). "Section 1033 Compliance Date: Open Banking Rule Enjoined and Under Reconsideration." Compliance deadline and litigation status.
- American Banker. (2026). "Are banks welcoming open finance with open arms?" 2026 State of Open Finance Adoption Report, sponsored by Akoya, 218 banking professionals surveyed.
Note: All figures verified as of September 2026. The CFPB's Section 1033 rulemaking is an active, unresolved legal matter, so its status may change again after this post's publication; treat the rule as not currently enforceable rather than as settled law. This post's figures are refreshed at least twice a year.
