Current state: Banks had started to plan around the Consumer Financial Protection Bureau’s (CFPB’s) finalized open banking rule, with compliance slated to begin in April 2026.

But last week, the Bank Policy Institute (BPI) and the CFPB jointly filed a motion for a 30-day stay in BPI’s lawsuit against the agency along with any compliance deadlines, which the court granted, per Fintech Takes founder Alex Johnson. Paired with recent orders for CFPB employees to stop supervision, enforcement, and rulemaking, many banks have been questioning the rule’s future.

Future risks: The lack of clarity around the rule in the US could lead to a repeat of the UK’s bumpy open banking launch. There, just 22% of consumers know what “open banking” means, per a Mastercard survey, which could have delayed some of their adoption. Also, some financial institutions (FIs) use regulatory loopholes to avoid collaboration and data standardization.

And if US FIs aren’t sure how to move forward, their customers are even less likely to know what to expect. This will lead to the same issues faced in the UK.

What banks should do next: Federal regulators will likely provide more clarity regarding which newer rules still apply, and the CFPB will also probably adjust the open banking rule to resolve some of the banks’ biggest complaints, per Alex Johnson. Even with regulatory uncertainty, though, banks originally slated to comply should proceed with internal planning to avoid chaotic catchup later.

If the CFPB’s open banking rule moves forward as planned, banks should stay the course in their compliance efforts, focusing on data-sharing infrastructure, security protocols, and consumer education.

If the rule stalls or is significantly altered, banks should still anticipate a push toward open banking from consumers, fintechs, and industry stakeholders. Even without a federal mandate, market forces may drive the adoption of secure data-sharing practices, making it worthwhile for banks to invest in digital transformation.