05.04.25

CFPB Plans to Revisit Open Banking Rule Despite Staff Cuts

by: Evan Weinberger

The U.S. Consumer Financial Protection Bureau (CFPB) is poised to rework its open banking rule, which allows customers to share their deposit account and credit card information with financial technology companies. According to insiders, the CFPB will likely reopen the rule amid requests from banks about potential liability for data breaches and the ability to charge for access to data. Banks also want to be able to block companies that abuse their access to customer data from the open banking system, the source said. It’s unclear whether the administration will amend the existing rule or get rid of it altogether.

Read the full article on Bloomberg Law