On February 25, the U.S. District Court for the Eastern District of Kentucky granted a 30-day stay in the case concerning the CFPB’s final rule on open banking, implementing Section 1033, following a joint motion by the plaintiffs and the CFPB. As previously covered by InfoBytes, the CFPB had finalized its open banking rule, “Personal Financial Data Rights,” mandating that credit card issuers and certain other financial services providers make data available to consumers and authorized third parties in a standardized format. A bank and two industry groups challenged the rule the day it was issued (covered here); currently, the stay agreed to by the CFPB and the plaintiffs will allow the CFPB’s new leadership to review the Bureau’s position on open banking. The court also agreed to extend the rule’s compliance deadlines for 30 days from when they were set to apply (the earliest deadline was originally April 1, 2026).

The revised briefing schedule extended deadlines for summary judgment motions and related filings:

• March 31, 2025: Plaintiffs’ motion for summary judgment due
• April 30, 2025: Defendants’ combined opposition and cross-motion for summary judgment due
• May 30, 2025: Plaintiffs’ combined reply and opposition to defendants’ cross-motion due
• June 30, 2025: Defendants’ reply due
• July 7, 2025: Joint appendix due

The court also denied a fintech association’s motion to intervene in the same order (the original request was covered by InfoBytes here).

Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape.