The trend: The open banking rule as written by the Biden administration was scheduled to take effect on April 1, 2026, for the largest financial institutions (FIs). But it was withdrawn for revisions, leaving the banking and fintech industries without clear regulatory guidance.

Zoom out: The supposed final open banking rule, entered into the Federal Register by the Biden administration’s Consumer Financial Protection Bureau (CFPB) in October 2024, was highly favorable to the fintech industry and left bankers irked. The Trump administration CFPB threatened to rescind the rule, and JPMorgan Chase announced that it would charge for access to its customer account data. In September 2025, the CFPB reopened a revised rule for public comment, giving the banking industry a chance to make its case.

Trendspotting: The open banking rule is one casualty of a bigger fight over the CFPB, which has slowed or stalled rulemaking. Banks and fintechs are awaiting clarity. The Trump administration weakened the CFPB’s ability to advance major rules, but it has shifted from attempting to dismantle the agency entirely to downsizing it. The administration proposed cutting more than half of its remaining staff and sharply scaling back supervision and enforcement.

Implications for banks: The banking industry has a reprieve thanks to new leadership at the CFPB and the Trump administration agenda—but it should not be complacent about open banking. The revised rule may soften requirements, give FIs wider latitude with third-party access, and extend deadlines. But it has not been eliminated.

Furthermore, third-party data access has commercial implications that accrue to the FI if treated seriously. Once the regulatory dust settles, FIs should revisit their technology roadmaps, acknowledging that consumer-permissioned data access for fintechs isn’t going away. It’s what control banks have over how it’s accessed and used.