Financial institutions have begun their efforts to comply with the Consumer Financial Protection Bureau’s Section 1033 final rule on consumer data sharing and privacy, which mandates staged compliance based on institutional size. For many, the largest barrier to compliance will be vetting and managing third-party data recipients.
The CFPB Section 1033 rule, which became official on October 22, 2024, requires banks and credit unions to provide consumers with secure access to their personal financial data, often through third parties like fintechs and personal financial management apps.
Open Banking / CFPB 1033 Webinar
This creates a complex and costly operational burden requiring financial institutions to not only open their data systems but also ensure that third-party recipients are vetted, compliant, and securely integrated into their data-sharing ecosystem.
Akoya’s 1033 Compliance Solution removes this burden by offering end-to-end managed services that support financial institutions by fully addressing the operational and administrative tasks required for third-party data access, security, and management.
Akoya’s 1033 managed services include:
- Comprehensive security and risk reviews.
- Data access agreement services.
- Streamlined policies and procedures.
- Comprehensive third-party support.
These core services help financial institutions streamline and simplify CFPB Section 1033 rule compliance while minimizing risk. Learn more about each below.
Comprehensive security and risk reviews
Akoya’s risk management process is robust, informed by financial institutions and refined over the years. We ensure that each third-party meets rigorous security and risk standards before being granted access to consumer financial data.
We collaborate with financial institution risk teams to validate the risk assessment methodology, questionnaire coverage, risk tiering, and evidence collection.
A balanced and thorough risk assessment framework is tailored to the size and nature of each data recipient while incorporating the unique risk factors of the financial institution.
Data access agreement services
Akoya’s data access agreement services help financial institutions establish and manage centralized agreements that cover all aspects of third-party financial data access, denials, and dispute resolution.
These data access agreements are designed to help ensure that third-party data recipients meet Section 1033’s standards for confidentiality, integrity, and availability of data.
Our team partners with financial institutions to structure and draft agreements, leveraging industry best practices and standardized templates.
Streamlined policies and procedures
Maintaining consistent, well-documented policies and procedures is a critical aspect of CFPB 1033 rule compliance.
Akoya helps your financial institution establish and maintain centralized policies and procedures for:
- Criteria for access and denials.
- Process for communicating and disputing access denials.
- Requirements for confidentiality, integrity, and availability of data.
- Record retention and disposal requirements.
In addition, we will review lawsuits, sanctions, and investigations to support the financial institution.
Comprehensive third-party support
Akoya's round-the-clock support model ensures that all authorized third-party data recipients can easily interact with the developer portal via the built-in Support Center.
We will promptly address any disputes, minimizing downtime and ensuring quick recovery. Our 1033 Compliance Solution includes handling basic troubleshooting, initial incident response, security and risk review help, and general queries – escalating complex issues to the correct team.
Delegate your third-party management to a seasoned team. With Akoya managing and supporting your third-party relationships and streamlining compliance policies and procedures, financial institutions can focus on innovation and growing their core businesses.
To learn more, download the Akoya 1033 Compliance Solution overview, which outlines not only the managed services above, but also the hosted developer interface and other technical features that will enable your financial institution to achieve and maintain compliance.
See where you stand in your CFPB 1033 compliance journey. Take our 1033 readiness assessment.
Learn more about Akoya's 1033 Compliance Solution.
