Regulatory · BaaS · 2024

CFPB finalizes Section 1033 personal financial data rule (Oct 2024)

Name: CFPB finalizes Section 1033 personal financial data rule (Oct 2024)
Creator: Windsor Drake

CFPB issued Final rule affecting Open banking ecosystem on October 22, 2024.

Primary: CFPB
Regulator: Open banking ecosystem
Structure: Final rule
Date: October 22, 2024
Sub-sector: BaaS

CFPB finalizes the Section 1033 rule giving consumers the right to authorize sharing of personal financial data via API, replacing screen-scraping and reshaping the data-aggregator competitive landscape (Plaid, MX, Finicity).

Primary company: CFPB
Counterparty: Open banking ecosystem (Regulator)
Amount: —
Event date: October 22, 2024
Sub-sector: BaaS
HQ: US
Structure: Final rule
Source published: October 22, 2024
Publisher: CFPB

Source: consumerfinance.gov