Section 1033 of the Dodd Frank Act


What It Is

Section 1033 of the Dodd-Frank Act is intended to ensure consumers can access their own personal information held by their financial services provider. It is fundamentally centered on a consumer’s right to obtain “information in the control or possession of” their financial services provider, including information “relating to any transaction, series of transactions, or to the account including costs, charges and usage data.” Such information should “be made available in an electronic form usable by consumers.”

Why It Matters

Although the clear statutory language is centered on a consumer’s access to their information, regulators have relied on Section 1033 to facilitate “open banking.” This concept refers to the ability of consumers to share their financial data among different financial services providers, including nonbanks, for purposes of obtaining new and different products and services. As part of this data access ecosystem, there will be greater amounts of consumer data shared with a significantly larger number of parties, not all of which are subject to the same rigorous data security and privacy standards as well-regulated and supervised financial institutions, putting consumers and their sensitive financial information at risk.

What We Believe

Every consumer – regardless of where they go to meet their needs – should have access to their personal financial data and knowledge of how it may be used.
A well-regulated financial services marketplace fosters competition, spurs innovation, and provides consumers with the certainty of knowing their financial data is safe and secure.
Liability, obligations, and costs need to be properly allocated among all participants in the data access ecosystem.


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