The Dodd-Frank Act was passed in 2010 in response to the financial crisis. One small part of the Act is Section 1033, which is all about consumer access to financial records.
This consumer access and control of financial information is what has become known as open banking (or open finance more broadly). Now, in a blog post published yesterday by CFPB director Rohit Chopra, we now have a (somewhat) definitive timeline for implementation.
Director Chopra says they expect “to solicit comments on our formal proposal in a few months and finalize in 2024.”
Is it just me, or does it seem like the implementation of Section 1033 is always a year or more away? Given 2024 is an election year, I imagine the CFPB will be anxious to get this rolled out before November.
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| CFPB to propose open banking regulation in coming months, finalize in 2024By Charles Gorrivan Consumer Financial Protection Bureau Director Rohit Chopra warned that “powerful firms” must not dominate the new open banking landscape. |
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