Biden’s Open Banking Rule Wasn’t What Congress Wanted, CFPB Says

The Biden-era Consumer Financial Protection Bureau exceeded Congress’s intent when it used a mandate giving customers access to their financial data to craft a rule governing open banking, the agency said.

Section 1033 of the 2010 Dodd-Frank Act ordered the CFPB to create a standard that would allow people to get access to their financial data in a uniform manner, the CFPB said in a Friday motion for summary judgment filed in the US District Court for the Eastern District of Kentucky.

But the agency under former Director Rohit Chopra went far beyond what Congress intended when it finalized a ...