Section 1033
RegulationsSection 1033 - Personal Financial Data Rights
Definition
Section 1033 of the Dodd-Frank Act, implemented by the CFPB's Personal Financial Data Rights rule, establishes Open Banking in the United States. It gives consumers the right to access their financial data and share it with third parties of their choice.
Related Terms
Frequently Asked Questions
What is Section 1033 - Personal Financial Data Rights?
Section 1033 of the Dodd-Frank Act, implemented by the CFPB's Personal Financial Data Rights rule, establishes Open Banking in the United States. It gives consumers the right to access their financial data and share it with third parties of their choice.
What does Section 1033 stand for in Open Banking?
Section 1033 stands for Section 1033 - Personal Financial Data Rights. It is a fundamental concept in Open Banking and PSD2 regulations. Section 1033 of the Dodd-Frank Act, implemented by the CFPB's Personal Financial Data Rights rule, establishes Open Banking in the United States. It gives consumers the right to access their financial data and share it with third parties of their choice.
How does Section 1033 affect Open Banking?
Section 1033 - Personal Financial Data Rights is a regulatory framework that shapes how Open Banking operates. It establishes requirements for data sharing, security, and consumer protection that all participants in the ecosystem must follow.
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