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September 1, 2025
What's been occupying our compliance attention lately? Here's a rundown of notable updates in the world of payments from the past weeks.
CFPB to Reassess Open Banking RuleThe U.S. Consumer Financial Protection Bureau (CFPB) is preparing to revisit its recently finalized open banking rule, marking a significant policy reversal under the Trump administration. The rule, introduced in October, aimed to give consumers greater control over their financial data by allowing them to direct banks to share it with third-party providers. However, the move introduces fresh regulatory uncertainty for fintechs and data aggregators, with broader implications for innovation, liability, and access in the open finance ecosystem. Legal challenges have already been filed, and the rule now faces potential amendment or repeal.ECB Delays Non-Bank PSP Access to Target Payment SystemsThe European Central Bank has postponed the implementation of its policy granting non-bank payment service providers (PSPs) access to the Target settlement systems. Originally scheduled for April 2025, the rollout has been delayed by six months due to legislative transposition issues in several EU countries. The policy, linked to the Instant Payments Regulation, aims to open up T2 and TIPS systems to non-bank PSPs.
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The bottom line
The European Central Bank has postponed the implementation of its policy granting non-bank payment service providers (PSPs) access to the Target settlement systems. Originally scheduled for April 2025, the rollout has been delayed by six months due to legislative transposition issues in several EU countries. The policy, linked to the Instant Payments Regulation, aims to open up T2 and TIPS systems to non-bank PSPs.While the delay is procedural, it slows momentum toward a more competitive EU payments market. Broader access could drive innovation and instant payment adoption, but legal alignment across member states remains a barrier to timely progress.
1.2 Million UK Customers Affected by February Bank Outages
Over 1.2 million customers were affected by a major IT disruption across four UK high street banks—Lloyds, TSB, Nationwide, and HSBC—on February 28, coinciding with the country’s main payday. Many were unable to access their wages, and customer support lines were overwhelmed, with HSBC reporting average wait times of two hours.
