Open Banking: CFPB’s 1033 Rule and the Cost of Compliance
For banks, there’s a staggered timeline for compliance. The 594-page notice of final rulemaking said compliance begins April 1 of the years 2026, 2027, 2028, 2029 or 2030 for data providers, which includes depository institutions (including credit unions). The providers also include non-depository institutions that hold or issue credit cards and other types of accounts
