Banking groups convinced a federal judge to temporarily block enforcement of a U.S. Consumer Financial Protection Bureau rule.

Oct 29 (Reuters) - A coalition of banking groups has convinced a federal judge to temporarily block enforcement of a U.S. Consumer Financial Protection Bureau rule aimed at making it easier for consumers to switch financial-service providers. Sign up here. Reeves halted the rule while the consumer bureau, which is under new leadership in Republican President Donald Trump’s administration, undertakes a new rulemaking process. The move to revise the rule comes amid a broader Trump-era push to rein in the CFPB, which a top administration official recently said should be shut down. The consumer bureau did not immediately respond to a request for comment. The Bank Policy Institute, Kentucky Bankers Association and Forcht Bank welcomed the judge's order in a statement. The decision "ensures banks won’t be forced to invest time and resources preparing for a rule that is currently being rewritten," they said. The rule, finalized last year under Democratic President Joe Biden, would allow consumers at no cost to more easily access and share data from bank accounts, credit cards, mobile wallets, payment apps and other financial products. “The plaintiffs and their members are being compelled to incur expenses that would be unrecoverable and unnecessary,” Reeves wrote. He said the plaintiffs were likely to succeed on the merits of their lawsuit. The injunction will remain in effect until the agency completes its reconsideration, the judge said. Reporting by Mike Scarcella; Editing by David Gregorio

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