CFPB Finalizes Open Banking (Section 1033) Rule

On October 22nd, the Consumer Financial Protection Bureau (“CFPB”) issued its final open banking rule, which implements section 1033 of the Dodd Frank Act (“Final Rule”). The Final Rule requires data providers, which includes providers of consumer asset accounts and credit cards, among others, to make certain financial data available in electronic form to consumers and to third parties who are authorized by consumers.[1] The CFPB contends the Final Rule moves the United States towards an “open…
By: Akerman LLP