WASHINGTON—The CFPB Tuesday (9/12/25) said it will issue interim regulations governing open banking to protect consumer data-sharing rights after warning it could run out of money before completing its broader rewrite of Biden-era rules, Reuters reported.
The agency is in the midst of revising last year’s regulations covering how consumers control the sharing of personal financial data among banks, financial apps, to digital-currency platforms. But the White House has refused to fund the Bureau, and the CFPB has told a federal court its remaining cash could be exhausted within weeks. Lawyers for nonprofit groups and the agency’s unionized staff have asked the courts to order the Trump administration to restore funding, Reuters said.
“The Bureau anticipates having sufficient funds to continue operations until at least Dec. 31, 2025,” the agency told a federal court in Kentucky. “In light of that development, the Bureau will undertake efforts to issue an interim final” rule.
The CFPB’s funding crisis comes as the agency—largely sidelined since February—moves to scale back and unwind existing regulations, including long-standing anti-discrimination protections rooted in the Civil Rights era.
Last year, the Bureau finalized rules it said would give consumers greater control over their personal financial data, opening the door to new financial technologies, increased competition, and lower costs. But current agency leadership has backed a banking industry lawsuit seeking to overturn those rules, arguing they exceed the CFPB’s statutory authority, Reuters noted.
Source: cutoday.info
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.
