CFPB Tells Judge It’s Moving to Axe ‘Unlawful’ Open Banking Rule

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 ...