The Consumer Financial Protection Bureau in a new court filing said it plans to ask a federal judge to vacate a Biden-era rule allowing customers to freely share their bank account information with third-party financial technology companies.
The Trump administration’s CFPB reviewed the open banking rule and determined that it was “unlawful and should be set aside,” according to a status report filed Friday in the US District Court for the Eastern District of Kentucky.
The CFPB will file a motion for summary judgment by May 30 seeking to eliminate the rule, the filing said.
Bloomberg Law first reported the ...
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