News & Analysis as of

Proposed Rules Open Banking Rulemaking Process

Orrick, Herrington & Sutcliffe LLP

CFPB signals it will revisit its open banking rule following court stay

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s motion to stay proceedings in a case challenging the Bureau’s Section 1033 rule after the Bureau signaled its plans to “engage in an...more

McGlinchey Stafford

CFPB to Reopen 1033 Open Banking Rulemaking

McGlinchey Stafford on

The Consumer Financial Protection Bureau’s (CFPB) open banking rules, issued under Section 1033 of the Dodd-Frank Act, have been the subject of ongoing litigation since their finalization late last year. The litigation is...more

Sheppard Mullin Richter & Hampton LLP

In a Surprising Switch, CFPB Now Seeks to Rewrite Open Banking Rule

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s request to stay litigation challenging its open banking rule. The rule (previously discussed here) aimed to establish industry-wide...more

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