On October 29, the U.S. District Court for the Eastern District of Kentucky granted a motion for a preliminary injunction, delaying the compliance dates of the CFPB’s Personal Financial Data Rights Rule until the Bureau has completed its reconsideration of the Rule. The court found the plaintiffs were likely to succeed on the merits of several of their claims and would suffer irreparable harm if forced to comply with the Rule while it was under reconsideration. As previously covered by InfoBytes, the CFPB sought public comments and data in August to inform its decisions on implementing the Rule.

The Rule, finalized in October 2024, would have mandated that depository institutions, credit card issuers, and other financial providers make covered data available to consumers and third parties in a standardized format.

The plaintiffs challenged the Rule on the day it was finalized, and the parties had begun briefing cross-motions for summary judgment before the case was stayed at the request of the CFPB. In August, following the Bureau’s announcement that it would reconsider the Rule, the plaintiffs moved for a preliminary injunction citing concerns that they would suffer irreparable harm if forced to comply while the rule remained under reconsideration (covered here).