The Dodd-Frank Act was handed in 2010 in response to the monetary disaster. One small a part of the Act is Part 1033, which is all about shopper entry to monetary data.
This shopper entry and management of monetary info is what has change into generally known as open banking (or open finance extra broadly). Now, in a weblog put up revealed yesterday by CFPB director Rohit Chopra, we now have a (considerably) definitive timeline for implementation.
Director Chopra says they count on “to solicit feedback on our formal proposal in a couple of months and finalize in 2024.”
Is it simply me, or does it seem to be the implementation of Part 1033 is all the time a 12 months or extra away? Given 2024 is an election 12 months, I think about the CFPB might be anxious to get this rolled out earlier than November.
Featured
From Fintech Nexus
Podcast
Webinars
| June 20: Challenges and Alternatives of Digital Credit score |
Additionally making information