New CDR rules are aimed at giving power back to the people

CDR hands the power to consumers over their financial data.

New CDR rules give power back to the people and fintech lenders. Pic: Getty Images

• The government set to expand CDR to non-banks

• This will give power back to the people

• ASX-listed fintech lenders in the mix

Back in 2019, Australian lawmakers kicked off something called the Consumer Data Right, or CDR.

The idea was to give everyday Aussies the power to take back control of their personal financial data.

Instead of banks and big institutions hoarding all the information, the CDR means people can choose to share them safely with trusted providers to get a better deal – whether that’s on loans, power bills, or other services.

It officially launched in mid-2020, starting with the big four banks. Since then, it’s been rolled out to more financial players and even other industries.

For consumers, the CDR has literally changed the game.

If you're chasing a loan, for instance, you can now share your bank data directly with a lender who’s signed up to the CDR framework.

It means you can tell your bank, "Oi, send my data to this lender I actually want to deal with.”

CDR to be expanded to non-bank lenders

Now, the Australian Government is taking things even further.

In a move announced last month, they’ve committed to expanding the CDR to non-bank lenders by mid-2026.

This is part of a much bigger plan to “reset” the CDR and give Aussies more control.

Stephen Jones, the Assistant Treasurer and Minister for Financial Services, said that “uplifting” the CDR will “deliver a better deal for more Australians.”

The idea is to make sure that not only the banks, but also credit unions, fintech lenders, and buy-now-pay-later (BNPL) services, become part of the CDR framework.

By mid-2026, the CDR will include non-bank lending products like personal loans, car loans and even reverse mortgages.

This includes companies like Plenti Group (ASX:PLT), which has surged in 2025 with record loan growth in Q4 and booming cash profit.

Then there's Wisr (ASX:WZR), which is eyeing a 90% loan surge as AI powers 80% of its loan processing.

MONEYME (ASX:MME), meanwhile, has powered past $1.5bn in its loan book, with originations up 65% and strong credit shaping a leaner, smarter portfolio.

But while the expansion of CDR is a step forward for consumers, some non-bank lenders are approaching it with caution.

Many fintechs already access real-time bank transaction data through established screen scraping technology.

The shift to CDR, however, may replace that system with a new framework reliant on banks to deliver data.

The CDR could put control in the hands of the data holders, the banks. If those banks impose technical blockers or delays, even unintentionally, it could restrict how and when lenders access the data they need.

At Stockhead we tell it like it is. While MoneyMe is a Stockhead advertiser, it did not sponsor this article. 

Originally published as New CDR rules are aimed at giving power back to the people