Fintech Group Renews Request to Defend CFPB Open Banking Rule

A financial technology trade group renewed its request to defend the Consumer Financial Protection Bureau’s open banking rule from a challenge launched by banks.

The CFPB’s agreement with the Bank Policy Institute and its co-plaintiffs to delay the rule’s implementation date while litigation moves forward shows that supporters of the rule need to step in to represent their own interests, the Financial Technology Association said in a Wednesday motion in the US District Court for the Eastern District of Kentucky.

“The recent steps taken by the Consumer Financial Protection Bureau, including agreeing to toll the compliance deadlines of the rule ...