With the Trump administration embarking on its own rulemaking on personal financial data rights, a district court judge on Wednesday sided with banks by halting compliance dates and enforcement of the Biden-era rule.The 1033 rule, known for its section of the Dodd-Frank Act, was first initiated in 2016 and was finalized in October under former CFPB Director Rohit Chopra with bipartisan support in Congress. But the CFPB was immediately sued by the Bank Policy Institute, Kentucky Bankers Association and Forch ...

Broten said there is an expectation that the government will provide an update on the second part of the open banking legislation this Autumn alongside the Fall Economic Statement. “We hope it releases a comprehensive implementation plan (including draft regulations) allowing a meaningful rollout of open banking to unlock its full potential including common rules, clarity on scope, technical standards, non-functional specifications upfront and how small businesses will be included within the original purvie ...

Core Insights - Visa has shut down its open banking business in the U.S. to focus on high-potential markets like Europe and Latin America [1][2] - The closure coincides with regulatory uncertainty regarding consumer banking data access and potential fees from banks for that access [2] - JPMorgan Chase's plan to charge fees for data access was reported but did not influence Visa's decision to close its U.S. open banking operations [3] Regulatory Environment - The Consumer Financial Protection Bureau (CFPB) is seeking comments to inform the implementation of the open banking rule, Rule 1033, focusing on fees, data security, and privacy [4] - The CFPB announced an accelerated rulemaking process to revise the open banking rule after a leadership change, which may impact the current lawsuit challenging the rule [5] - The CFPB is considering different fee models, which were previously barred under the old rule [5] Consumer Sentiment - A report indicated that while 46% of consumers are "highly willing" to use open banking payments, only 11% have actually done so [6]