The CFPB’s Section 1033 rule, expected in Fall 2024, will require financial providers to give consumers more control over their data, mandating APIs for secure, permissioned access. Compliance timelines range from 6 months to 4 years depending on institution size, starting with accounts under Regulations E and Z. Providers must meet standards like 99.5% API response rates, consent revocation tools, and strict data governance. Open Finance is positioned as more than compliance, offering benefits like better fraud prevention, accurate customer profiles, and stronger, more personalized experiences. MX’s Data Access solution helps institutions prepare with FDX-aligned APIs, monitoring, and consent tools.

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