Kat Cloud of Yodlee on CFPB 1033 Rule Compliance

Our guest on this episode of Data Driven Finance is Kat Cloud, Principal Director of Open Banking Compliance at Yodlee. Kat is also a Board member at the Financial Data Exchange, and prior to her time at Yodlee was head of UK Public Policy for Plaid. We discuss open banking compliance, specifically touching on the new CFPB 1033 rule, which is important for all financial institutions to be aware of. Topics covered include:

• What is open banking? How does it differ from how financial institutions operate today?
• What has to happen for open banking to reach its full promise?
• API as the “plumbing” behind financial data connections.
• What is the CFPB 1033 rule?
• What kind of data is and isn’t included under the CFPB 1033 rule.
• What happens if banks don’t meet the CFPB 1033 rule deadlines?
• What all this means for innovation in finserv and fintech.
• How are banks responding to both the rule and its timeline?
• How are all these stakeholders going to achieve true standardization?
• What does a new administration mean for the CFPB 1033 rule?

 

Helpful Links

CFPB website

Open Banking with Yodlee

FDX (Financial Data Exchange)