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ARTICLE · 30 MAY 2025

CFPB Will Kill Section 1033 Open Banking Rule

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The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule.

United StatesFinance and Banking
Kristen Larson
Kristen Larson
Ronald K. Vaske
Ronald K. Vaske
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The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky Bankers Association filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky seeking injunctive relief, alleging that the CFPB exceeded its statutory authority.

"After reviewing the Rule and considering the issues that this case presents, Bureau leadership has determined that the Rule is unlawful and should be set aside," the CFPB said, in a status report filed in the U.S. District Court for the Eastern District of Kentucky. The CFPB said it would file a motion for a summary judgment in the case by May 30.

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