Presentation
Why Should You Care About Section 1033 and Open Banking Now?
Read Time: 1 minPrivacy and security around consumers’ personal financial information are core bank values. More than a decade since Dodd-Frank’s passage and building upon regulatory actions since 2016, the final rule for Section 1033 was released by the CFPB in October 2024. While legal challenges to the rule persist, many banks are already examining operational considerations, with compliance dates set for 2026 through 2030 based on asset size. While banks of $850 million or less are exempt from data provider requirements, they are still subject to the rule’s obligations for authorized third parties.
Member Adam Maarec (Washington, DC) is joining a panel presentation at the American Bankers Association (ABA) Risk and Compliance Conference, “Why Should You Care About Section 1033 and Open Banking Now,” on June 11, 2025, in Indianapolis, Indiana. As with many regulatory issues this year, uncertainties abound. This session will deliver the latest regulatory updates, offer insights into implementation timelines, and explore potential operational challenges and solutions, equipping you with a framework to manage 1033 implementation effectively.