“Consumers deserve a right to their own financial data, full stop. We are encouraged by the CFPB’s motion to stay the litigation pending the Bureau’s reengagement on the open banking rule, and the court’s decision to grant the request. As we have in the past, we look forward to representing responsible innovators and elevating consumers and their needs through the proposed expedited rulemaking process.

“Competition, consumer data rights, and responsible innovation are pillars of a strong open banking framework. Unfortunately, we have seen the nation’s largest banks make moves to disrupt a thriving financial ecosystem, eliminate competition, and tear down open banking, hurting consumers in the process. 

“We will work with the CFPB to promote and support a regulatory framework that ensures consumers continue to benefit from products and services that serve their needs by making finance more accessible, transparent, and affordable.”

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