Oct 25, 10:50 PM

On October 25, 2024, Trade Associations Sue CFPB Over Open Banking Rule; FTC Appeals Ruling on Non-Compete Ban

On October 25, 2024, trade associations initiated a lawsuit against the Consumer Financial Protection Bureau (CFPB) on the same day the agency issued its final Open Banking Rule under Section 1033 of the Dodd-Frank Act. This legal action follows the CFPB's recent regulatory developments aimed at enhancing consumer financial protections. Additionally, the Federal Trade Commission (FTC) is seeking to revive its non-compete ban, which was finalized in April but blocked by a Texas judge's order on September 4. The FTC has appealed this ruling. Meanwhile, three industry groups have also filed a lawsuit to challenge the FTC's 'Click to Cancel' rule, describing it as 'arbitrary' and 'capricious'. These developments indicate a growing tension between regulatory bodies and industry stakeholders regarding consumer protection and employment practices.

#Consumer Financial Protection Bureau #CFPB #Open Banking Rule #Federal Trade Commission #FTC #Texas #Click to Cancel

Written with ChatGPT (GPT-4o mini).

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