CFPB Seeks To Vacate The Open Banking Rule

The CFPB has requested that a federal district court vacate the Biden-era Open Banking Rule (Rule) in a motion for summary judgment filed on May 30, 2025. The CFPB had previously submitted a status report to the U.S. District Court for the Eastern District of Kentucky on May 23, 2025, informing the court that after reviewing the Open Banking Rule, "Bureau leadership ... determined that the Rule is unlawful and should be set aside."

The Open Banking Rule enables consumers to access, or authorize a third party to access, and share data associated with bank accounts, credit cards, mobile wallets, payment apps and other financial products free of charge. Lenders expressing opposition to the Rule were particularly concerned with the fact that the Rule precluded banks from charging fees for access to the data. Almost immediately after former CFPB Director Rohit Chopra announced the Open Banking Rule, the Bank Policy Institute, Kentucky Bankers Association and local