CFPB asks court to vacate Open Banking Rule

The financial account data sharing rule, which once enjoyed bipartisan and industry support, is dead for now, but revival in a different form is expected.

The Consumer Finance Protection Bureau has filed a motion for summary judgment asking a Kentucky federal court to strike down its Biden-era Open Banking Rule, amid litigation challenging its legality. The Open Banking Rule would have created rights for consumers to efficiently access and transmit banking account information to third

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