CFPB Plans to Revisit Open Banking Rule Despite Staff Cuts (1)

The Trump administration is poised to reopen a Biden-era rule allowing customers to share their sensitive bank data with third-party fintechs and potentially vacate it, according to multiple sources.

The Consumer Financial Protection Bureau is leaning toward reworking its open banking rule, which allows customers to share their deposit account and credit card information with fintechs, such as online investment company Betterment or PayPal Holdings Inc.’s Venmo service, the sources told Bloomberg Law.

The CFPB will likely reopen the rule amid requests from banks about potential liability for data breaches and the ability to charge for access to ...