CFPB 1033 compliance
built for you
Streamline your implementation of the CFPB's Section 1033 open banking regulation using our end-to-end solution for financial institutions.
Financial institutions
Obligations under CFPB Section 1033
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.
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
How Akoya can help
Akoya's end-to-end solution meets and maintains compliance for data providers with ever-evolving Open Banking technical standards (e.g., Financial Data Exchange - FDX) and CFPB Data Rights Regulations.
Quickly and easily set-up a developer interface
Integration options can be made to fit unique tech stacks with multiple authorization / data access patterns.
Delegate operations to a seasoned team
We manage the operational and compliance tasks of supporting third-party data recipients based on data provider requirements and policies.
Leverage tested and hardened solutions
Akoya provides a rich library of branded capabilities used by data providers to meet their needs and compliance requirements.
Meet ever-evolving open banking standards
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.
- Developer interface for onboarding, reporting and ongoing management
- Admin console
- Hosted APIs and endpoints
- Documentation
- Sandbox test data
- Consumer consent management
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.
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Comprehensive security and risk reviews
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Third-party onboarding and due diligence and contracting
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Third-party data access agreements
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Technical and customer support
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Compliance to technical standards, policies and regulations
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Dispute and resolution reports
Financial institutions trust Akoya
