“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.”
- 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.
This episode is sponsored by Intrafi Network.
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