CFPB’s Section 1033 Open Banking Rulemaking

Join this panel discussion with Meredith Fuchs, General Counsel at Plaid, and Ben Maxim, Chief Digital Strategy and Information Officer at Michigan State University Federal Credit Union, highlighting initial takeaways from the Consumer Financial Protection Bureau’s proposed rulemaking to establish open banking and implement section 1033 of the Dodd-Frank Act. Fuchs and Maxim cover the benefits and challenges of building APIs to share consumer financial data and how your credit union should be evaluating this transition to open banking as the CFPB works to finalize its rule. 

Key Takeaways: 

• Understand the objective of the CFPB’s Section 1033 open banking rulemaking; 
• Hear a credit union’s perspective regarding their journey to build an API; and 
• Delve into some unresolved issues from the CFPB’s proposed rule.