WASHINGTON–The Trump administration indicated it plans to reexamine and potentially vacate a Biden-era rule that would have allowed open banking.

According to the Consumer Financial Protection Bureau, which has been significantly reduced in size and scope by the Trump administration, said it plans a reworking its open banking rule, which allows consumers to share their deposit account and credit card information with third parties, including fintechs.

“The CFPB will likely reopen the rule amid requests from banks about potential liability for data breaches and the ability to charge for access to data, according to a source familiar with the matter who wasn’t authorized to speak publicly,” Bloomberg reported. “Banks also want to be able to block companies that abuse their access to customer data from the open banking system.”

Issues Unclear

The report said it’s unclear whether the administration will look to add to the existing rule or eliminate it altogether, but “supporters of the regulation are worried about any further delays to its implementation.”

Credit unions have been encouraged to prepare for the advent of open banking for several years, after former CFPB Director Rohit Chopra announced the Bureau would be making open banking—a reality in many other countries—a priority.

Big Question Over Small Staff

But the downsizing of the agency raises questions.

“The question facing those in charge at CFPB is this: how will it be possible to manage a very significant and sensitive rule making affecting both banks and fintechs without industry experts to do the research, legal analysis and rule drafting?” Todd Baker, a senior fellow at Columbia University’s Richard Paul Richman Center for Business, Law, and Public Policy.

Bank Challenge, told Bloomberg.

The open banking rule is required by Section 1033 of the Dodd-Frank Act and has been in development since the first Trump administration, although it has been challenged.