CFPB to Yank ‘Unlawful’ Open Banking Rule

CFPB’s Section 1033 Retreat Is a Victory for Rule of Law and Market Integrity - Americans for Tax Reform

The Consumer Financial Protection Bureau (CFPB) has taken the rare step of reversing a major regulatory initiative. In a significant concession, the Bureau now says it will ask a federal court in Kentucky to vacate its recently finalized Section 1033 rule—an “open banking” mandate that would have forced banks and financial institutions to share consumer data with third-party fintech companies. This reversal is more than procedural. It reflects t…

CFPB to yank ‘unlawful’ open banking rule

That move bends to bank groups that filed a lawsuit last year to block the Consumer Financial Protection Bureau rule aimed at making it easier for consumers to move their financial accounts.

Squeezed by Lawsuits, CFPB Drops Support for Dodd-Frank’s Open Banking Initiative

Who should control your financial data?

CFPB will kill Section 1033 Open Banking Rule

The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky Bankers Association filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky seeking injunctive relief, alleging that the CFPB exceeded its statutory authority. “After reviewing the Rule and considering …

Open Banking 2.0: Leveraging Data to Empower Underserved Populations » NCRC

Online Event Archive Recorded: May 20, 2025 We examine how the latest advancements in open banking can be harnessed to address the needs of underserved populations. Panelists delve into practical strategies for leveraging financial data to improve access to financial services, enhance financial literacy, and promote equitable economic opportunities. Gain tips for navigating regulatory challenges and continue ensuring the benefits of open banking…

5 Ways to Protect Yourself Without the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau faces a leadership transition that may affect its credit card regulations. President Trump’s administration has dramatically changed the Consumer Financial Protection Bureau (CFPB) by firing Director Chopra, pausing operations, and nominating Jonathan McKernan as the new head. This shift interrupts recently announced consumer protections, including caps on credit card late fees. Created after the 2008 fin…