ICBA released the Open Banking Guidebook detailing the Consumer Financial Protection Bureau’s final rule implementing Section 1033 of the Dodd-Frank Act.
Background: The CFPB rule implements 1033 requirements that covered financial institutions make available to consumers and authorized third parties regarding certain data relating to consumers’ transactions and accounts.
About the Guide: The guide:
Explains the rule’s purpose of enabling open banking.
Outlines compliance requirements for financial institutions.
Highlights key definitions, exemptions, and implementation timelines.
Details ICBA’s advocacy efforts, including securing exemptions for community banks under $850 million in assets and supporting safeguards for consumer data. Download the guide.