CFPB 1033 Compliant Turnkey Solutions
U.S. Open Banking Regulation
The bottom line - All banks and financial institutions will be required to maintain systems which implement the open banking standard/protocol i.e. to expose and enable authorized 3rd party apps to access a user’s financial data.
Regulation - Anchored in the Dodd-Frank Act which was passed in 2010, and led by the Consumer Financial Protection Bureau CFPB, Section 1033 gives consumers the right to access and share their financial data. The rules were finalized and published by the CFPB on October 22nd, 2024.
Members of:
With our turnkey solution you can stand up your own Open Banking strategy within weeks
The CFPB Clock is Ticking
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Policies & Procedures
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Rules concerning third party data recipients
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Data covered under the rule
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Technical and regulatory standards
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Provision of customer and technical support
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Quality industry standard reporting on system metrics
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Necessity to provide both a consumer interface and a developer interface for API’s and testing
The rules covering the various aspects of data sharing under Section 1033 which financial institution are required to adhere to including:
Get ahead of the curve
Assets > USD 250b & Revenue > USD 10b – April 1st, 2026
Assets > USD 10b < USD 250b – April 1st, 2027
Assets > USD3b < USD 10b – April 1st, 2028
Assets > USD 1.5b < USD 3b – April 1st, 2029
Assets > USD 850m < USD 1.5b – April 1st, 2030
Institutions < USD 850m Assets – Exempt from the rule for now
- Non Depositary Institutions > USD 10b in receipts – April 1st, 2026
- Non Depositary Institutions < USD 10b in receipts – April 1st, 2027
Adopt early and stay in front of your competitors; Based on organization size/revenue, compliance deadlines for depositary institutions are as follows:
See Link to CFPB for more Information;
"The age of Open Banking and Open Finance is the beginning of a new era which will fundamentally change the way we go about finance just as the internet changed how we go about our everyday lives….As with the internet, in a few years we’ll all look back and won’t believe how we ever managed without it.”
Bryan Hahn – IntelliTrade Open Banking Solutions
CRO and Strategic Partnerships
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Let’s discuss how we can support your organization with one of our turnkey
Section 1033 solutions