Core Points - The Consumer Financial Protection Bureau (CFPB) has collected approximately 14,000 comments regarding revisions to an open banking rule, with a deadline for submissions on Tuesday [1][4] - The open banking rule aims to enhance competition in financial services by enabling consumers to transfer their financial information more easily to new providers [5] - The rule has faced opposition from banks, which have filed lawsuits claiming the CFPB exceeded its authority in enacting the regulation [5] Industry Reactions - A diverse range of stakeholders, including advertisers, consumer advocates, and cryptocurrency groups, have commented on the open banking rule, indicating widespread interest and concern [2] - Senator Cynthia Lummis expressed support for the open banking provision, labeling it a "bright spot" in the Dodd-Frank Act and warning against hindering innovation in digital assets [2][3] - Apple has advocated for the exclusion of digital wallets from being classified as "data providers" under the open banking regulation, emphasizing the need to retain open banking principles [3] Regulatory Context - The CFPB initiated a 60-day comment period in August to gather input for the rule revision, which is scheduled to take effect on July 1 for the largest banks [4] - Recent comments from the CFPB's acting director, Russell Vought, have raised concerns about the agency's potential downsizing and closure, which could impact the enforcement of the open banking rule [6][7]