The Consumer Financial Protection Bureau’s (CFPB) open banking rulemaking is at a pivotal moment. After the US District Court for the Eastern District of Kentucky enjoined enforcement of the CFPB’s Personal Financial Data Rights (PFDR) rule in October, the CFPB this week disclosed in a court filing that it will issue an interim final rule under Section 1033 of the Dodd-Frank Act. The CFPB recently …
Court Enjoins CFPB’s Open Banking Rule Pending New Rulemaking
On October 29, 2025, the US District Court for the Eastern District of Kentucky issued a preliminary injunction that prevents the Consumer Financial Protection Bureau (CFPB) from enforcing its Personal Financial Data Rights (PFDR) final rule until the CFPB completes its new rulemaking. The injunction, therefore, halts compliance deadlines that would have required certain financial institutions to implement new data-sharing standards as early as June …
CFPB Reconsiders Section 1033 Rule Signaling Potential Overhaul of Personal Financial Data Rights Framework
The Consumer Financial Protection Bureau’s position on Section 1033 continues to evolve under the Trump administration. Following a request to vacate the 2024 Personal Financial Data Rights rule (PFDR), on July 29, 2025, the CFPB changed its position, announcing it would initiate a new rulemaking to reconsider the PFDR. On August 22, the CFPB published an advance notice of proposed rulemaking (ANPR) seeking public comment …
CFPB Moves to Vacate Its Own Open Banking Rule, Citing Legal Deficiencies and Overreach
On May 30, the Consumer Financial Protection Bureau (CFPB) filed a motion to vacate its own open banking rule, arguing that the rule exceeds its authority under Section 1033 of the Dodd-Frank Act. The CFPB asserts that the rule exceeds its legal authority by requiring data sharing with authorized third parties, unlawfully prohibits data providers from charging fees, inadequately addresses consumer data and security risks, …