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ABA: The American Bankers Association

1033 / Data Aggregation Working Group

Dodd-Frank Act Section 1033 empowers consumers to gain access to their financial records either directly or through an agent, and has been at the heart of efforts to build an information-sharing framework among banks, data aggregators, and fintechs. ABA formed the 1033 / Data Aggregation Working Group to help guide ABA’s response to policy proposals by the CFPB as it creates implementing regulations for the statute. A proposed rule has been released and the final rule is expected to be issued by 2024, which will have significant operational and compliance impacts on banks and other participants in the ecosystem. The CFPB has signaled there will be supplemental rulemaking and guidance after the first rulemaking is completed.

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Ryan T. Miller

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