The second session in the Datos Situation Room series examined the uncertain regulatory environment surrounding open banking and Section 1033 of the Dodd-Frank Act.
Discussion topics included:
- Regulatory Uncertainty: Assessing the implications of conflicting regulatory signals and what they mean for financial institutions preparing for Section 1033 compliance.
- Compliance vs. Wait-and-See: Evaluating the strategic risks of proceeding with compliance efforts versus delaying implementation in the face of potential legal challenges and political shifts.
- Security Implications: Addressing critical cybersecurity concerns around data sharing, third-party access, and the continued use of screen scraping in an evolving regulatory landscape.
This timely discussion collectively explored how to position your organization for what could become the most transformative shift in financial services in decades, regardless of how the regulatory situation unfolds.
