Section 1033 – What, When and How

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WHAT?

Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires a consumer financial services provider to make available to a consumer information in the control or possession of the provider concerning the consumer financial product or service that the consumer obtained from the provider.

This topic is much deeper than it might first appear. The information is not only made available to the consumer, but also to third parties, at the direction and with the approval of the consumer. That access raises numerous question regarding data integrity and security and consumer privacy.

Regulations are being developed. This topic has been slowly developing, but it is a massive issue, that involves several interested parties, with conflicting concerns.

• The Consumer Financial Protection Bureau (CFPB) issued an Advanced Notice of Proposed Rulemaking on October 22, 2020 to solicit comments and information to assist the agency in developing regulations to implement Section 1033.
• On October 27, 2022, the CFPB published an Outline of Proposals and Alternatives in preparation for a Small Business Advisory Review Panel; which is required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The SBREFA panel is expected to convene in early 2023.
• The CFPB plans to issue a proposed rule in 2023 that will be finalized in 2024.

WHY?

This one-hour program is designed to build a base level of knowledge of:

• Section 1033 of the Dodd-Frank Act; and
• The effort needed to fully implement the new requirements.

PROGRAM CONTENT

Upon completion of the program, participants understand:

• The basic requirements of Section 1033;
• Who is a covered data provider;
• What products are covered;
• Who are recipients of information;
• The requirements regarding availability of information including:
• Direct consumer access;
• Third party access;
• The requirement for and the content of the authorization disclosure;
• Development of a third party portal;
• Accuracy requirements;
• Security issues related to third party access;
• Limitations on third parties;
• Issues related to conflicting state laws; and
• The initial steps to build a compliance management system around the new requirements.

WHO?

The program is designed for senior management, compliance officers, operations management, information techs, auditing, and others involved in implementing the requirements of Section 1033.