Description

"Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control," says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB "has attempted to put that into place here."

In the latest episode of the ABA Banking Journal Podcast — sponsored by Intrafi — Miller provides an overview of the long-awaited Section 1033 proposed rule. In this episode, Fink also talks about:

• How the bureau's proposed framework recognizes industry-led efforts like FDX to facilitate safe data-sharing.
• The end of screen-scraping as envisioned in the proposal.
• Challenges in the proposal on liability issues and privacy.
• The need for a level playing field in terms of how Section 1033 supervision is applied across banks, nonbank fintech providers and aggregators.
• The compliance timelines envisioned for banks of different sizes and the types of accounts covered.
• How core providers will be positioned to help banks comply.

To join ABA's comment letter working group, contact Ryan Miller.