The Consumer Financial Protection Bureau, fresh off a $145 million cash boost, plans to move back to a traditional process for rewriting a Biden-era open banking rule, leaving the fintech data access policy in a prolonged limbo.
The CFPB will undertake a formal notice-and-comment rulemaking process after initially stating it would issue an interim final rule to implement closely watched changes to the 2024 regulation, according to multiple people familiar with the agency’s thinking who requested anonymity to discuss the deliberations.
The procedural change is due in large part to the CFPB securing additional money after losing a court fight ...
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