Banks Seeking to Muddle CFPB Open Banking Rewrite, Fintechs Say

Financial technology companies urged a federal judge in Kentucky to reject banks’ plea to delay implementation of a Biden-era open banking rule while the Consumer Financial Protection Bureau reshapes it.

The CFPB already said it plans to ask for comments on a potential rule to extend the compliance dates, making court action unnecessary, the Financial Technology Association said in a brief filed Wednesday in the US District Court for the Eastern District of Kentucky. The FTA is defending the rule in its role as court-appointed intervenor.

The Bank Policy Institute and its co-plaintiffs asked Judge Danny C. Reeves to lift ...