CFPB 1033 compliance
built for you.
Akoya's end-to-end solution helps financial institutions achieve and maintain continuous compliance with U.S. data sharing regulations.
What are your obligations under the Personal Financial Data Rights rule?
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its final ruling on Section 1033 to accelerate a shift toward open banking, giving consumers more control over their data and protecting against companies misusing that data.
Now, financial institutions must adhere to technical and procedural obligations to achieve and maintain compliance.
Requirements include:
- Establishing a developer interface with access to covered data
- Conducting third-party onboarding, due diligence and contracting
- Providing both technical and customer support to third-parties
- Establishing and maintaining policies and procedures
- Meeting and reporting on required metrics
Integration options can be made to fit unique tech stacks with multiple authorization / data access patterns.
Akoya provides a rich library of branded capabilities used by data providers to meet their needs and compliance requirements.
We manage the operational and compliance tasks of supporting dozens of third-party data recipients based on data provider requirements and policies.
Our white-labeled, hosted solution is continuously updated as technical standards and regulations evolve.
1033 Compliance Solution
Data provider branded interface
Ready to leverage solutions are white-labeled and used by data providers to establish the third-party developer interface.
All solutions:
- Developer interface for onboarding, reporting and ongoing management
- Admin console
- Hosted APIs and endpoints
- Consumer consent management
- Technical and customer support
- Documentation
- Sandbox test data
End-to-end managed services
In addition to the technical lift, Akoya serves as the central access point for third-party security assessments, legal agreements, support, policy adherence, and record retention - all in close partnership with financial institutions.
All services:
- Comprehensive security and risk reviews
- Third-party onboarding and due diligence and contracting
- Third-party data access agreements
- Compliance to technical standards, policies and regulations
- Dispute & resolution reports
Learn more about CFPB 1033 compliance in our Open Banking Compliance Webinar Series.
Financial institutions trust Akoya
"We recognize how important it is for our customers to be able to use the financial applications of their choice in a safe and secure manner. Akoya's capabilities help us meet the data sharing needs of our customers as well as data aggregators, data providers, and other third-parties, in line with evolving industry standards. This is good for our business, good for our customers, and good for the industry."
"TD has embraced the Akoya Data Access Network as a key enabler of our customer-driven banking strategy in the US market. This has allowed us to provide our customers with a safe and secure way to share their data with participating third-parties of their choice."