A rule issued by the US Consumer Financial Protection Bureau under Section 1033 of the Dodd-Frank Act that grants consumers the right to access their personal financial data held by financial institutions and to share it with authorised third parties. The rule establishes data portability standards for US open banking, requiring financial institutions to provide machine-readable data access through secure APIs.
Section 1033 will require financial institutions to support open banking data sharing, creating new identity and consent verification requirements. Identity orchestration vendors and account aggregators are directly impacted by the compliance timeline.
Category: compliance. Part of the Identity Technologist Glossary — more than 200 practitioner-grade definitions covering identity verification, KYC/AML, biometrics, fraud prevention, and compliance. See all terms at https://identitytechnologist.com/glossary.