In its motion for a summary judgment in a lawsuit challenging
the regulation, the CFPB stated it has concluded that the Section
1033 Rule (Rule) exceeds the agency's statutory authority to
create an open banking system by—among other
things—requiring that consumer data be shared with third
parties.
The motion states that "the limited legislative history
confirms what the statute's text and structure make clear: the
statute was intended simply to ensure that consumers would have
access to their own information."
Therefore, the CFPB requested that the court grant
plaintiff's motion for summary judgment.
"In light of the President's directive to review
existing regulations, the Bureau's new leadership has
considered the Rule and the arguments set forth in Plaintiffs'
complaint and amended complaint and has concluded that the Rule
exceeds the Bureau's statutory authority and is arbitrary and
capricious," the CFPB said, in its motion, in the lawsuit
filed by the
