Open Banking

The CFPB's landmark open banking rule missed its April 1 compliance deadline after a court injunction and agency reconsideration, but major banks are forging private data-sharing deals that may shape the market before regulators act.

The CFPB's April 1 compliance deadline for its landmark Personal Financial Data Rights rule passed without enforcement after a federal judge enjoined the regulation and the agency itself declared it unlawful, leaving the future of U.S. open banking to a market moving faster than its regulators.