ICBA guidebook on CFPB’s 1033 rule spotlights ongoing advocacy

ICBA recently released its Open Banking Guidebook detailing the Consumer Financial Protection Bureau’s final rule implementing Section 1033 of the Dodd-Frank Act.

Background: The CFPB rule implements 1033 requirements that covered financial institutions make available to consumers and authorized third parties regarding certain data relating to consumers’ transactions and accounts.

About the Guide: The guide explains ICBA’s advocacy related to the rule; outlines compliance requirements; and highlights key definitions, exemptions, and implementation timelines.

Ongoing Advocacy: ICBA remains concerned about the impact of the rule on consumer data security and privacy and is carefully monitoring the progress of a legal challenge to Section 1033 in federal court. ICBA also continues advocating to improve provisions of the rule, including eliminating the fee prohibition and increasing bureau oversight of third-party data recipients. Download the guide.