A U.S. District Court Judge for the Eastern District of Kentucky granted a preliminary injunction last week effectively blocking enforcement of the CFPB’s rule implementing section 1033 of the Dodd-Frank Act—the “personal financial data rights rule” or “open banking rule”—as the bureau pursues a new rulemaking.

The rule was finalized in 2024 under the previous administration. As it indicated in its court filing, the new administration issued an advance notice of proposed rulemaking (ANPR) as part of an accelerated rulemaking process to revise the 2024 rule. The MD|DC Credit Union Association provided feedback on how best to revise the rule in comments to the Bureau.

The ANPR noted that the CFPB would issue a proposed rule to pause the compliance dates of the initial 2024 rule, but it had not yet done so when the plaintiffs in this lawsuit filed their motion for a preliminary injunction to pause the compliance dates while the CFPB completes its rulemaking process.