Banks Win Reprieve on Data Access Rule During Trump CFPB Revamp

Banks suing the Consumer Financial Protection Bureau over a Biden-era rule enabling consumers to transfer data to fintechs won their bid to delay the regulation while the Trump administration overhauls it.

The rule, which was slated to go live starting next June for the biggest banks, will now be placed on hold until one year after the litigation concludes, Judge Danny C. Reeves in the US District Court for the Eastern District of Kentucky said in a Wednesday order.

A preliminary injunction is justified because the banking plaintiffs are likely to succeed on their claims, including that the CFPB exceeded …