On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act.1The Rule imposes significant new obligations on financial institutions that maintain consumer account information and affords ne...
The CFPB announced the open banking rule, commonly known as section 1033. Learn more about what 1033 entails and how it applies to you.
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. The Director made several statements in...
The CFPB issued this “open banking” Rule pursuant to Section 1033 of the Dodd-Frank Act, which requires banks and other financial service firms—data providers—to “make available to a consumer, upon request, information in the control or possession of the [data provider] concerning the cons...
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...
(APIs). Congress first addressed open banking through Section 1033 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act by authorizing the CFPB to help ensure that consumers have access to the information in their financial records and the ability to leverage that data...
According to the CFPB, the final rule “will give consumers greater rights, privacy, and security over their personal financial data” and “moves the United States closer to having a competitive, safe, secure, and reliable ‘open banking’ system.”2It remains controversial within the...
Let us help you get started with making sense of expected obligations — and opportunities — within your open banking journey. Talk to our experts today. Additional Section 1033 Resources Tap into our library of resources to learn more about Section 1033. ...
Now led by acting Director Russell Vought, the CFPB has ceased regular operations amid a Trump administration push to slash its size and budget. The Financial Technology Association had accordingly asked to be appointedto defendthe open banking rule in BPI’s lawsuit, but Judge Reeves punted on...
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 th...