“Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control,” says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB “has attempted to put that into place here.”
In the latest episode of the ABA Banking Journal Podcast — sponsored by Intrafi — Miller provides an overview of the long-awaited Section 1033 proposed rule. In this episode, Fink also talks about:
- How the bureau’s proposed framework recognizes industry-led efforts like FDX to facilitate safe data-sharing.
- The end of screen-scraping as envisioned in the proposal.
- Challenges in the proposal on liability issues and privacy.
- The need for a level playing field in terms of how Section 1033 supervision is applied across banks, nonbank fintech providers and aggregators.
- The compliance timelines envisioned for banks of different sizes and the types of accounts covered.
- How core providers will be positioned to help banks comply.
If you can’t see the audio player above, click here to listen to this week’s episode. To join ABA’s comment letter working group, contact Ryan Miller.
This episode is sponsored by Intrafi Network.
In this episode:
VP and Senior Counsel
ABA Office of Innovation
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