on October 22, 2024 the Consumer Financial Protection Bureau (CFPB) issued its final Rule under Section 1033 of the Consumer Financial Protection Act. The Rule, also referred to as the “open banking rule,” has been a key priority of CFPB Director Rohit Chopra’s rulemaking...
The 1033 rule is a historic moment for our industry—a giant step toward the consumer-centric vision that we spend every day working with you to build. This will be a powerful catalyst for choice and competition and deliver even better outcomes for consumers in the years to come. We can’...
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) published its long-awaitednotice of proposed rulemaking (NPRM)for personal financial data rights under Dodd-Frank Act Section 1033. We believe that the success of the financial industry, future innovation, and the financial health...
21See, e.g., Press Release, American Bankers Association,ABA Statement on CFPB’s Section 1033 Final Rule(Oct. 22, 2024). The American Bankers Association has characterized the Rule as “based on the false premise that consumers lack choices and a misunderstanding of whether Dodd-Frank grants ...
On October 22, 2024, the U.S. Consumer Financial Protection Bureau (CFPB) issued a final rule under Section 1033 of the Consumer Financial Protection Act of 2010.1The final rule includes several important changes from the proposed rule. This client alert focuses on those changes. For ...
The CFPB’s final rule implementing Section 1033 will accelerate a shift to open banking and increase competition among certain types of financial services providers. But it will also create a new and potentially burdensome regulatory regime. Covered entities should closely examine the final rule, co...
“The CFPB’s 1033 rulemaking jeopardizes the safety and soundness of our banking system and fails to protect consumer data. We are challenging the CFPB to ensure that banks can continue to protect their consumers and the integrity of the financial system in a safe and sound manner.”—Ballard...
CFPB’s recent efforts to activate Section 1033 of the Consumer Financial Protection Act. In October 2024, the CFPB finalized the Personal Financial Data Rights Rule to limit the use of personal financial data and facilitate the transfer of individuals’ personal financial data to other providers up...
Consumer Financial Protection Bureau Director Rohit Chopra made two appearances yesterday to announce the release of the Bureau’s latest rulemaking,known as Section 1033. The rule governs how consumers access their financial data and how that data is protected. ...
In the wake of the CFPB’s final1033 Rulemaking, FDX is in the process of updating a consensus standard data format that aligns with relevant portions of the Rulemaking and supports compliance. The CFPB’s recognition comes at a critical time, with the rec...