The Dodd-Frank Act was passed in 2010 in response to the financial crisis. One small part of the Act is Section 1033, which is all about consumer access to financial records.
This consumer access and control of financial information is what has become known as open banking (or open finance more broadly). Now, in a blog post published yesterday by CFPB director Rohit Chopra, we now have a (somewhat) definitive timeline for implementation.
Director Chopra says they expect “to solicit comments on our formal proposal in a few months and finalize in 2024.”
Is it just me, or does it seem like the implementation of Section 1033 is always a year or more away? Given 2024 is an election year, I imagine the CFPB will be anxious to get this rolled out before November.
Featured
 Global |
| CFPB to propose open banking regulation in coming months, finalize in 2024By Charles Gorrivan Consumer Financial Protection Bureau Director Rohit Chopra warned that “powerful firms” must not dominate the new open banking landscape. |
From Fintech Nexus
| Global More young bank customers want in-person financial advice By Craig Ellingson Twenty-one percent of customers under age 40 surveyed expect the number of bank branch visits to increase compared to 12% of those over 40. |
Podcast
| Fintech One-On-One: Mark Fiorentino of Index Ventures In this episode, we talk with Mark Fiorentino, a partner at Index Ventures. Listen Now |
Webinars
| Unmasking Sanctions Evasion: Trends, Challenges, and Solutions June 15, 2 p.m. EDT One of the most crucial components of compliance is sanctions screening, which entails identifying and blocking transactions… Register Now |
| June 20: Challenges and Opportunities of Digital Credit Register Now |
Also making news
- Wavering on FedNow adoption? Take a lesson from Brazil’s Pix Banks that haven’t built a plan to implement the Federal Reserve’s new real-time payments system and still have time to make up lost ground.
- OCC seeks public comment on the ‘trust in banking’ survey The agency plans to publish the results of the annual survey in a report for policymakers, bankers, and researchers.
- Binance Emergency Fund Dwindles as SEC Takes Aim at the Crypto Exchange The fund’s value is down 11% in June after the regulator sued Binance, alleging the operation of an illegal trading platform and misuse of customers’ money.
- Will Apple’s Vision Pro Revolutionize Banking? After Vision Pro revolutionizes other industries—and after Apple releases Vision Pro Contact Lenses—then we can talk about Vision Pro revolutionizing banking.
- PayPal Ventures invests in Latin American e-commerce outfit nocnocPayPal Ventures has led a $14 million Series A funding round for nocnoc. This firm helps facilitate cross-border e-commerce between global sellers and Latin America.
- Goldman Sachs Is at War With ItselfCEO David Solomon has come under fire from partners complaining about bonuses, strategy, and that DJ side gig.
- Breaking the fourth wall: Robinhood’s foray into publishing and how financial publishers work to maintain independence Earlier this year, Robinhood announced that it is expanding the company’s presence in publishing through the launch of a new media arm called Sherwood. The new media arm is set up as an independent LLC and will function as a subsidiary of the popular stock trading app.
