CFPB Rule 1033: Synchronizing Open Banking

This rule mandates consumer control over financial data sharing, fostering innovation but raising concerns about data privacy and security.

CFPB Rule 1033 is coming and intends to eventually apply to all financial institutions except for “depository institutions that do not have a consumer interface.” For all FIs with a website, this report dives into the implications of the rule, mainly focusing on its impact on open banking initiatives in the United States.

This report analyzes CFPB Rule 1033, exploring its impact on open banking, consumer data control, industry challenges, and the role of aggregators and fintech in fostering innovation. This report’s insights were gathered from industry experts and stakeholders to provide nuanced perspectives on the challenges, opportunities, and potential outcomes of Rule 1033 implementation for FIs and consumers. It also draws on previous Datos Insights research and the author’s extensive knowledge of the market.

Clients of Datos Insights’ Retail Banking & Payments service can download this report.

This report mentions Akoya, Ally Bank, American Bankers Association, Bank of America, Billgo, Capital One, Chase, Citibank, Coinbase, Consumer Financial Protection Bureau, Consumer Bankers Association, Core10, Credit Karma, Citizens Bank, Early Warning Systems, Fannie Mae, Financial Data Exchange, Finicity, HSBC, Independent Community Bankers of America, Invoice2go, Kabbage, Kinective, Mulesoft, MX, Paze, Petal, PortX, Software AG, TD Bank, The Clearing House, VoPay, Wells Fargo, Yapily, Yodlee, and Zelle.

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