<p>The Trump administration notched a victory when a Kentucky federal judge temporarily blocked the Consumer Financial Protection Bureau from implementing a rule critics say puts Americans&#8217; financial data at risk.</p>
<p>The 1033 Rule, proposed under President Joe Biden&#8217;s CFPB Director Rohit Chopra, <a href="https://www.consumerfinance.gov/personal-financial-data-rights/" target="_blank" rel="noopener">requires</a> banks to &#8220;make available to consumers, upon request, transaction data and other information concerning a consumer financial product or service that the consumer obtained from the covered entity.&#8221;</p>
<p>Forcht Bank, the Kentucky Bankers Association, and the Bank Policy Institute sued to block the rule, saying it exceeded the CFPB’s authority and would force the institutions to hand over large amounts of sensitive data, creating security and liability risks. Judge Danny C. Reeves of the United States District Court for Kentucky<strong> </strong>concluded the rule could cause more harm than good.</p>
<p>&#8220;The public could arguably lose some benefit from the Rule not being enforced at the set compliance deadlines,&#8221; said the judge. &#8220;However, the plaintiffs also contend that enforcement of the current Rule puts consumers at risk due to security risk as to their banking information.&#8221;</p>
<p>The <a href="https://bpi.com/joint-statement-on-courts-decision-to-stay-section-1033-compliance-deadline/">Bank Policy Institute</a> issued a statement saying the organization was grateful for the court&#8217;s decision.</p>
<p>&#8220;This is a common-sense procedural step,&#8221; said the Bank Policy Institute. It &#8220;doesn’t interfere with the rulemaking process but ensures banks won’t be forced to invest time and resources preparing for a rule that is currently being rewritten.”</p>
<p>&#8220;This preliminary injunction marks a pivotal moment for those who value consumer privacy and limited-government issues,&#8221; a source familiar with the matter told The Daily Wire. &#8220;The Trump administration now has a unique opportunity to advance a new 1033 rule that gets the government out of the way and unleashes innovation.”</p>
<p>Under Vought&#8217;s leadership, the CFPB issued <a href="https://www.consumerfinance.gov/personal-financial-data-rights/">an advance notice of proposed rulemaking,</a> inviting the public to give input to form the basis of the final rule. Once input has been provided, the CFPB will share a draft of the rule.</p>
<p>The CFPB is now analyzing public comments and data around four key issues related to the implementation of the 1033 rule: who should be allowed to access financial data on a customer&#8217;s behalf, whether companies should be allowed to charge data sharing fees, how big are the security risks of sharing financial data, and how big are the privacy risks.</p>
<p>The Bank Policy Institute writes that the current rule &#8220;unlawfully mandated banks to share sensitive consumer data with third-party fintechs and aggregators; it required no oversight of third parties using bank customer data,&#8221; among other issues.</p>
<p>Earlier this year, Chopra was notified that he had been <a href="https://www.cbsnews.com/news/trump-fires-rohit-chopra-director-of-the-consumer-financial-protection-bureau/">fired by the president</a> via an email from the White House. President Trump appointed Treasury Secretary Scott Bessent to lead the agency in interim before handing the reins over to Office of Management and Budget Director Russell Vought.</p>
<p>Rethinking the CFPB has been a priority of the Trump administration&#8217;s since the start of his term. In February, the White House issued a statement stating that the agency &#8220;has long functioned as another woke, weaponized arm of the bureaucracy that leverages its power against certain industries and individuals disfavored by so-called elites.&#8221;</p>
<p>The Trump administration accused the CFPB of &#8220;supporting radical advocacy groups, threatening banks for refusing to lend to illegal immigrants, targeting a Chicago small business after it complained about the city&#8217;s rampant crime, and mining American citizens&#8217; personal financial information.&#8221;</p>
<p>On The Charlie Kirk Show, Vought discussed the importance of putting a stop to the agency&#8217;s ability to weaponize &#8220;the tools of financial laws against small mom and pop lenders and other small financial institutions.&#8221;</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

The Trump Administration Just Took A Huge Step Toward Reforming The CFPB

Democrat Tries To Own Scott Bessent But Doesn’t Understand How Government Works

Is Trump Working On A ‘Liberation Day’ Part Two?

Democrat Witness ‘Almost Brought To Tears’ After Luke Rosiak’s Medicaid Fraud Testimony

The Treasury Numbers Trump Critics Were Hoping Nobody Would See

Mamdani Pushes One Of The Left’s Favorite Hoaxes

Two Years Into Trump 2.0, Corporate America’s Pride Month Looks Different

News

Banks

Economy

Elizabeth Warren

Money

Politics

Trump Administration

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

The Trump Administration Just Took A Huge Step Toward Reforming The CFPB