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A federal judge paused a lawsuit against the CFPB that had sought to strike down open banking regulations, granting the agency's request for time to replace the contested rules adopted under the previous administration with a new version. The agency had previously said that the court should scrap the rules, intended to give consumers greater control over their own financial data and boost innovation.
The CFPB proposed regulations to govern data sharing between fintech firms and traditional banks, allowing consumers to easily transfer their personal data between providers free of charge. The banking industry quickly sued to block aspects of the rule, arguing that it would endanger bank customers' privacy and the security of their data. The federal judge said he was granting the CFPB's request for a stay in part because this would help the agency work with stakeholders and the broader public to redesign regulations.*
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