Banks Challenge Open Banking Deadlines as CFPB Mulls Revisions

Banks Challenge Open Banking Deadlines as CFPB Mulls Revisions

Even as the Consumer Financial Protection Bureau signals its intent to overhaul its sweeping open banking rule, U.S. banks say they risk spending millions of dollars as soon as next year to comply with a regulation the agency itself has declared unlawful and ripe for re-examination. [contact-form-7] A motion filed in Kentucky Wednesday (Aug. 13) by Forcht Bank, the Kentucky Bankers Association and the Bank Policy Institute alleges the C…

Banks gaining upper hand as fight over open banking heats up

Bank trade groups have asked a federal court to halt enforcement and extend compliance dates for the Consumer Financial Protection Bureau's open banking rule that was enacted during the Biden administration. The move comes as the lobbying fight over how the rule will be rewritten intensifies.