The Consumer Financial Protection Bureau (CFPB) announced plans to substantially revise a U.S. open banking rule, leading a federal judge to pause ongoing litigation initiated by banking associations. The CFPB aims to initiate an accelerated rulemaking process and address concerns raised by stakeholders, including fintechs, regarding data access fees and consumer rights to financial information. The rule, part of the Dodd-Frank Act, is set to impact larger banks by mid-2026, with compliance for smaller banks extending to 2030.

The American Fintech Council has urged the Consumer Financial Protection Bureau (CFPB) to prohibit fees for accessing open banking data after the CFPB decided to rescind its open banking rule. The fintech sector is concerned that such fees threaten consumer rights and innovation, as exemplified by recent tensions between fintech firms and traditional banks over data access costs. The AFC's stance aligns with broader criticism of the rule's repeal, which some see as favoring large financial institutions.