Open Banking and CFPB 1033 : what US financial institutions need to know
The US financial landscape is rapidly evolving with the emergence of Open Banking, which provides a wealth of advantages for consumers, financial institutions (FIs), and fintech companies alike. With CFPB compliance deadlines on the horizon, financial institutions will look for technology partners to achieve swift, efficient, and cost-effective Section 1033 compliance. Enter ebankIT, an omnichannel digital banking platform prepared to deliver a secure, scalable, and compliant Open Banking solution. Discover how by downloading the full brochure.
At least 100 million US consumers have authorized a third party to access their account data.
The impact of CFPB 1033 on open banking
CFPB 1033 regulation promotes fintech growth by facilitating third-party access to consumer data, enabling consumers to use diverse financial apps and services.
Consumers will be in charge of their data, deciding where and how it is shared. They will also be able to stop the use or sharing of their financial information at any time.
Section 1033 will reduce the control exerted by larger banks over data. This pivotal change will help level the playing field and encourage a surge of innovation within smaller financial institutions.
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