Two weeks ago, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing section 1033 of the Dodd-Frank Act, which promises to give consumers more control of their financial data. IBAT has been on top of 1033, voicing concerns over the last year. A week after the final rule was released, IBAT sat down with over 100 member bankers to discuss what it means for their banks, listen to their concerns and address next steps. If you were unable to join us last week, the webinar recording is now available and can be accessed here.
Additionally, the IBAT Compliance Team authored a white paper entitled Implementing the Personal Financial Data Rights Final Rule (1033) that covers key aspects of the rule, including who and what is covered, definitions and compliance deadlines and challenges the rule presents for ‘data providers.’ The paper also includes an addendum on how to get started preparing for the rule if your bank is covered or simply elects to opt-in. After reading the paper, if you have questions about 1033, you can always email [email protected].
