Why keep open banking top of mind? CFPB regulation and new opportunities
In this webinar with the Consumer Bankers Association from April 25, 2024, Mastercard’s Ben Soccorsy and Jenny Ziegler tackled the impact open banking regulation will have on banks and the opportunity having a regulated ecosystem provides.
From the basics of open banking data and how consumers can access their data from any of their financial institutions to the way that data can be used for lending, financial management, wealth management, and payments.
You can learn how the regulatory environment is accelerating the shift towards open banking. CFPB Dodd Frank Section 1033 is intended to break down barriers to accessing financial products, jump-start competition between financial institutions and fintechs and provide consumers more control and access to their financial data.
Regulation will mandate that data providers must share their financial data with third parties or consumers via APIs safely and securely. The compliance deadline varies depending on the size of the financial institution.
For banks, this means being on top of API enablement, consent management, information security, third party risk management, risk and compliance, data governance and data monetization strategies.
You can watch the webinar here.