August 25, 2025

AB – Policy & Regulation

Banking

CFPB revamps 1033 open banking rule with new focus on fees

  The Consumer Financial Protection Bureau has done an about-face on its open banking rule, issuing a new proposal seeking comment on whether banks can charge fees for data access and if third parties can represent consumers in tapping financial data. On Thursday, the CFPB issued a 13-page advance notice of proposed rulemaking that is

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Crypto

As crypto trust applications grow, so do banks’ objections

Comptroller of the Currency Jonathan Gould — serving as OCC General Counsel at the time — authored a 2021 interpretive letter allowing firms with national trust charters to engage in traditional banking activities like payments so long as they are related to the custodial business. Critics say that leeway has spurred more fintechs and crypto

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Banking

Advocates want Congressional hearings on open banking rule

Senate Banking Committee Chair Tim Scott, R-S.C., and committee ranking member Elizabeth Warren, D-Mass. Scott and Warren were among the recipients of a letter from consumer advocates asking for Congressional hearings looking into the Consumer Financial Protection Bureau’s decision to rewrite its 1033 open banking rule.Bloomberg News Consumer advocates are urging lawmakers to hold hearings

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Banking

Banks gaining upper hand as fight over open banking heats up

Bank trade groups are asking a federal court to halt enforcement of the Consumer Financial Protection Bureau’s open banking rule and extend compliance dates while the Trump administration writes a new rule on personal financial data rights. The latest court developments come amid an intensifying lobbying fight over how the BIden-era rule will be rewritten

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Investment

Treasury pauses AML rule for investment advisors

The Treasury’s Financial Crimes Enforcement Network suspended enforcement of a rule that would require investment advisors to comply with Bank Secrecy Act requirements, including implementing anti-money-laundering controls and filing suspicious activity reports to Fincen. “Fincen recognizes … that the rule must be effectively tailored to the diverse business models and risk profiles of the investment

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Banking

Judge blocks briefs supporting CFPB open banking rule

Industry and consumer groups are lining up support for the Financial Technology Association’s legal effort to uphold the Consumer Financial Protection Bureau’s open banking rule, but a federal judge denied their motions to file briefs in support of FTA’s case. Four different groups — including the Financial Health Network, the American Fintech Council, the Financial

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Banking

Fintech group urges court to uphold CFPB’s open banking rule

The Financial Technology Association filed a motion for summary judgment in federal court late Sunday, defending a final rule on consumer financial data rights that the Consumer Financial Protection Bureau under the Trump administration refused to uphold. The FTA said in a court filing that consumers cannot share their data without easy access from banks. 

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Banking

Stablecoin bill undermines state banking authority, group says

WASHINGTON — A group representing state legislatures is criticizing the Senate stablecoin bill championed by congressional Republicans, arguing that a provision added to the bill after it passed through the Senate Banking Committee will undermine the rights of states to determine which financial institutions operate there.  The National Conference of State Legislatures urged leading lawmakers

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Banking

CFPB, bank lobby ask court to strike down open banking rule

The Consumer Financial Protection Bureau has asked a federal court to vacate its own open banking rule because it believes the rule exceeds the bureau’s authority and is arbitrary and capricious in its scope. In a motion for summary judgment filed Friday evening in the U.S. District Court for the Eastern District of Kentucky, the

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Banking

Trump’s CFPB reverses course on 1033 open bank regulation

The Consumer Financial Protection Bureau signaled that its embattled consumer financial data rights rule may soon be nullified, according to a legal filing submitted just before Memorial Day weekend.  In a filing Friday in the Eastern District of Kentucky, CFPB Chief Legal Officer Mark Paoletta said the bureau leadership aims to table the rule after

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