09:49 AM EDT, 10/23/2024 (MT Newswires) -- The Bank Policy Institute and the Kentucky Bankers Association filed a lawsuit Wednesday against the Consumer Financial Protection Bureau, challenging portions of the regulator's rulemaking governing how consumers access their financial data and how that data is protected.

The lawsuit, filed in U.S. District Court in Lexington, Kentucky, asserts "the CFPB overstepped its statutory authority and finalized a rule that jeopardizes consumers' privacy, financial data and account security," the Bank Policy Institute, which represents 41 banks, said in a statement.

The Kentucky Bankers Association and the CFPB did not immediately reply to requests for comment from MT Newswires.

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