CFPB to rewrite Open Banking Rule

The rule was received enthusiastically by fintechs but faced resistance from some traditional banking institutions.

The Consumer Financial Protection Bureau (CFPB) informed a federal court that it plans to revise its Biden-era Open Banking Rule, as part of a motion requesting a stay to litigation challenging the rule’s legality. The move marks a reversal for the agency, which previously asked the court to have the

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