Open Banking/Section 1033

We have been hearing the rumblings about the CFPB’s Section 1033 of the Dodd-Frank Act for some time, but do we fully understand the impact to our customer data, the expectations of information security and the continued emphasis on vendor due diligence?

Banks, as covered data providers, will need to have compliance procedures around responding to requests from consumers making their “covered data” available to them in electronic format. We will talk about the machine-readable requirements and the adventures of working with other providers.

There will be many opportunities for banks to take advantage of this new world of data sharing and just being compliant would be a shortcoming if banks do not also take advantage of the new opportunities to help provide better services and products in this new world.

Topics covered in this session

API Enablement

• Discussion on whether your organization already has APIs in place or if you are considering engaging in API enablement to improve services and access for your customers
• How to monitor and report API performance

Third Party Risk Management

• Approaches to risk rating and evaluating third-party data recipients
• Ensuring compliance with security standards when sharing customer data with approved third parties
• Overview of the evolving regulatory landscape and its impact

 Operations & Processes

• Identifying required changes to current operational processes to meet regulatory requirements
• Defining the type of experience you want to offer customers
• Deciding whether the bank will remain the sole data provider or become a data aggregator

FDX (Financial Data Exchange)

• Introduction to FDX and its role in the new data-sharing landscape
• Discussion on how FDX will help your organization navigate the new requirements and regulations
• Overview of the framework provided by FDX and its relevance to banks in this new functionality

*This program does NOT qualify, nor meet the National Standard for NASBA accreditation.