Embracing Open Banking: The Future of Financial Innovation with Section 1033
Introduction
The 1033 Dodd-Frank Act has been a hot topic in the US financial industry ever since its announcement. The Dodd-Frank Act is a comprehensive financial regulation law enacted in 2010 to increase oversight, transparency, and consumer protection in the U.S. economic system following the 2007-2008 financial crisis. In October 2023, the Consumer Financial Protection Bureau (CFPB) proposed Section 1033 as part of the Dodd-Frank Act. This proposal, which is set to be implemented in late 2024, has sparked widespread discussion about its implications for financial institutions, third parties, and consumers.
