CFPB Enjoined From Enforcing Personal Financial Data Rights Rule 1033

On October 29th, the Eastern District of Kentucky (the "Court") enjoined the CFPB from enforcing the Personal Financial Data Rights Rule (the "Rule") until it has completed its reconsideration of the Rule.¹ The Rule had been released by the Consumer Protection Financial Bureau ("CFPB") in October of 2024 pursuant to the CFPB's authority under Section 1033 of the Dodd-Frank Act.² The Rule requires financial institutions to share consumers' personal financial data with other providers at no cost upon the consumer's request. The Court, having determined that challenges to the Rule were likely to succeed on the merits, has now enjoined the CFPB from enforcing the Rule, finding that requiring financial institutions to comply with the Rule while it is under reconsideration by the CFPB would cause irreparable harm.