On March 26, the U.S. District Court for the Eastern District of Kentucky received a renewed motion from a fintech trade association to intervene in a case against the CFPB’s Personal Financial Data Rights rule. The trade association argued the CFPB’s recent actions, including tolling the rule’s compliance deadlines for 30 days and requesting an additional 60-day tolling period, showed the CFPB “cannot adequately represent” their interests. They argued the court should hear from them before ordering any further tolling or delay in the rule’s compliance deadlines.
As previously covered by InfoBytes, the Court had granted a 30-day stay in the case concerning the CFPB’s final rule on open banking following a joint motion by the plaintiffs and the CFPB. The CFPB finalized its open banking rule in October 2024 mandating that financial services providers make data available to consumers in a standardized format (covered here).
The fintech association asserted its associational standing, claiming its members would be directly affected by any judgment vacating the rule. It argued for intervention as of right or permissively under Rule 24, arguing that they had a substantial legal interest in the subject matter and that the CFPB could not adequately represent their interests. Furthermore, the association contended the court should not further toll the compliance period without hearing from them.
In a separate order, the district court granted the parties’ request for a 60-day stay of these proceedings and a corresponding 60-day toll, as well as a new briefing schedule.
