CFPB Tells Judge It Plans to Redo Consumer Data Rights Rule

The US Consumer Financial Protection Bureau is having second thoughts about asking a federal judge to eliminate a Biden-era open-banking rule after proposed data access fees from JPMorgan Chase & Co. drew the ire of several Trump administration allies, including one of the president’s sons.

The agency requested the judge stay a lawsuit challenging the existing regulation in a filing on Tuesday, a change from its previous position that the entire rule was unlawful and must be vacated. Instead, the CFPB is planning to move ahead with crafting a new rule governing personal financial data rights without the existing rule being vacated, according to the filing in federal court in Lexington, Kentucky.