Prepare for the future of open banking
The Consumer Financial Protection Bureau (CFPB) is expected to finalize its rulemaking for Dodd-Frank Act Section 1033 later this year. Section 1033 establishes consumers’ personal financial data rights, including consumer access to financial records associated with the financial products and services they use. The proposed rule, which calls for secure permissioned data-sharing across developer interfaces, affects a broad range of financial institutions, fintechs, payment facilitators and authorized third-party data recipients.
The timeline for compliance is not one-size-fits-all
Once the CFPB issues its final rulemaking, third parties must be compliant within 60 days. For banks and other financial data providers, the compliance timeline is tiered, based on the size of the institution.
Find support from a trusted partner in 1033 compliance
As an industry pioneer in data responsibility and a global leader in open banking technology, Mastercard is fully committed to our customers’ success as the CFPB prepares to implement Section 1033. We’re here to support you at every stage, from understanding how CFPB rulemaking affects you to consulting on vendor selection and API development and validating your organization’s compliance readiness. Discover how our 55 years of industry-leading expertise can equip you to thrive as the future of finance unfolds.
Talk with an expert today
Certain open banking solutions are provided by Finicity, a Mastercard company.