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In the Media

CFPB Plans to Ask Court to Vacate Biden Open Banking Rule

Read Time: 1 min

Member Adam Maarec was quoted in a Bloomberg Law article on the fate of the CFPB’s Section 1033 rule on Open Banking, pertaining to financial companies’ access to consumer data.

In the end, the CFPB may try to cut procedural corners even though banks and other industry participants argued the agency skirted the APA when it wrote the open banking rule. Federal agencies are required to go through the notice-and-comment rulemaking process to rescind an existing regulation.

“It seems like an effort to sidestep the notice-and-comment process under the APA that they would otherwise be required to follow,” said Adam Maarec, a member of McGlinchey Stafford LLP whose practice focuses on fintech.

Read the full article here.

Insights

Planning For Open Banking Despite CFPB Uncertainty

April 30, 2025

Open banking has been lauded by many as an accelerant for innovation in financial services. But a lawsuit is challenging the new rules of the road for open banking and has thrown ice on the prospect of a regulated market.

Dismantling the CFPB Officially on Hold and Other Bureau Updates

April 1, 2025

In a lengthy decision that highlighted the CFPB’s very public efforts to dismantle the CFPB from within, the District Court for the District of Columbia granted a motion for preliminary injunction designed to preserve the CFPB pending litigation on the merits with the National Treasury Employees Union (NTEU). The Government has already appealed, seeking an emergency stay of the district court’s order.

Chaos Consumes CFPB, Causing Uncertainty

March 17, 2025

Member Brian Fink (Washington, DC) spoke with Bank Director Magazine for an article on the leadership changes at the CFPB, what rules might be undone, and what banks might expect from the agency.