CFPB Plans to Ask Court to Vacate Biden Open Banking Rule (1)

The Consumer Financial Protection Bureau plans to ask a federal judge in Kentucky to vacate a Biden-era rule allowing customers to freely share their bank and credit card account details with financial technology companies, multiple sources told Bloomberg Law.

Mark Calabria, an Office of Management and Budget official detailed to the CFPB to lead rulemaking efforts, has in recent days informed companies and trade groups that the agency will attempt to use a legal maneuver to scrap the open banking rule without going through the formal process required by the Administrative Procedure Act, according to industry sources who requested anonymity ...