Section 1033

CFPB Section 1033 - Personal Financial Data Rights

UpcomingOpen BankingNorth America
🌍
Jurisdiction
United States
📅
Effective Date
2025
Apr 1, 2025
✅
Full Compliance
2030
Apr 1, 2030
🏛️
Regulator
Consumer Financial Protection Bureau

Overview

The CFPB's Section 1033 rule establishes consumer rights to access and share their financial data. It requires data providers to make consumer financial data available through secure interfaces and prohibits certain data sharing practices.

Scope & Coverage

Deposit AccountsCredit CardsPayment Facilitation

Key Requirements

1
Developer interface (API) requirements
2
Authorization procedures
3
Data security standards
4
Third-party obligations

Implementation Timeline

Jul 21, 2010
Dodd-Frank Act in effect with Section 1033 data portability provisions
Oct 1, 2018
Financial Data Exchange (FDX) started growing member base
Oct 1, 2020
CFPB submitted proposal for rule-making related to Section 1033
Jul 9, 2021
Biden Executive Order on Promoting Competition encouraged CFPB action
Oct 19, 2023
CFPB proposed rule to jumpstart Open Banking
Oct 22, 2024
Personal Financial Data Rights Rule published
Apr 1, 2026
Deadline 1: Largest institutions (>$250B assets)
Apr 1, 2027
Deadline 2: Institutions $10B-$250B assets
Apr 1, 2028
Deadline 3: Institutions $3B-$10B assets
Apr 1, 2029
Deadline 4: Institutions $1.5B-$3B assets
Apr 1, 2030
Deadline 5: Institutions $850M-$1.5B assets

API Specifications

Technical standards and API specifications for implementing Section 1033:

Official Documents & Resources

Key Notes

Final rule issued October 2024. Phased implementation based on institution size.

Official Resources

Related Regulations

Other open banking frameworks in North America:

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