The May 2024 report examines CFPB Rule 1033, which mandates consumer control over financial data sharing, marking a major step toward open banking in the U.S. The rule encourages innovation but raises data privacy and security concerns, requiring financial institutions to manage and ensure compliant data use beyond their systems. Large banks must upgrade legacy platforms, while smaller ones may rely on third-party providers. Unlike the EU’s PSD2, Rule 1033 covers broader financial data and supports industry-led solutions. Collaboration between aggregators and fintechs will be key to enabling secure data sharing and creating personalized financial services.

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