In a surprise announcement, the CFPB has said it will issue a
revised Section 1033 open banking rule rather than simply killing
the Biden Administration rule.
"In light of recent events in the marketplace, the Bureau
has now decided to initiate a new rulemaking to reconsider the Rule
with a view to substantially revising it and providing a robust
justification," the administration said, in requesting a stay
of a lawsuit filed by Forcht Bank and banking trade groups in the
U.S. District Court for the Eastern District of Kentucky.
The CFPB said that it "seeks to comprehensively reexamine
this matter alongside stakeholders and the broader public to come
up with a well-reasoned approach to these complex issues that
aligns with the policy preferences of new leadership and addresses
the defects in the initial rule."
