The House of Representatives voted to overturn the Consumer Financial Protection Bureau's (CFPB) new overdraft rule, which was designed to protect consumers from excessive fees. This decision has garnered significant support from banking industry groups, including the American Bankers Association and the Consumer Bankers Association, as well as from several legislators who argue it could harm financial institutions' ability to serve customers.

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 Consumer Financial Protection Bureau (CFPB) is seeking public input on its open banking rule, focusing on issues such as consumer representation and data-sharing costs with fintechs. The rule's revision comes after banks challenged its legality, and the CFPB is now looking to refine its approach while ensuring consumer access to financial data without imposing fees. This ongoing discourse highlights the tensions between traditional banks and fintech companies over data access and innovation in financial services.