CFPB’s new data mandate grows regulatory power by redefining “protection” as permission. Washington is fusing monetary and informational control.

Washington never misses a chance to promise “fairness” while tightening its grip on the financial system. For more than a decade, regulators and central bankers have stretched their authority far beyond the original intent of the law, distorting markets, punishing savers, and concentrating economic power in the hands of bureaucrats.

The latest example is the Consumer Financial Protection Bureau’s Section 1033 rule, which marks a new front in Washington’s quiet campaign to nationalize financial data under the guise of “consumer empowerment.”

Section 1033 was intended to help consumers access their financial information. In practice, the Biden-era CFPB twisted it into a sweeping mandate that forces banks, credit unions, and fintech companies to share customer data with third parties, regardless of cost, security, or consent. Regulators call this “data portability.” But it’s really data coercion, forced transfer of private information directed by the government.

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