The CFPB’s final 1033 rule and the future of open finance

The Consumer Financial Protection Bureau (CFPB) has released a significant rule on consumer data rights, affirming open banking in the United States. This rule ensures that more consumers have the right to securely access and control their financial data. Plaid is supporting customers through this regulatory shift by offering solutions for authorization and data management, record retention, and risk management, which align with the final rule. The company has also launched its FDX-aligned Open Finance Solution suite, a set of free tools that enable financial institutions to more easily migrate to API connectivity. Plaid is committed to an open finance future that expands across consumers' financial lives, and this rule will serve as a catalyst for choice and competition in the industry.