Certified Banking CFPB 1033

The Consumer Financial Protection Bureau (CFPB) published the final rule in October 2024 for personal financial data rights established by the Consumer Financial Protection Act of 2010 (CFPA) as Rule 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule requires banks, credit unions, and other financial service providers to make consumers’ data available upon request to consumers and authorized third parties in a secure and reliable manner; defines obligations for third parties accessing consumers’ data, including important privacy protections; and promotes fair, open, and inclusive industry standards. The 1033 rule supports the Open Banking initiative, a financial services model that allows customers to share their financial data with third-party providers and other banks. 

Learning Objectives

So, what does Open Banking and CFPB 1033 mean for your financial institution? How do you get started with a consumer privacy program that affordably meets these requirements? What does the financial institution need to do to work with their third parties? What is the timing of meeting these new requirements? These are just some of the questions answered in this webinar to understand what is next for your financial institution’s consumer data protection program. After this certification, you will be able to:

• Communicate the seven principles of data privacy protection
• Understand the sixteen privacy harm that consumers can have if their information is not handled correctly
• Understand Consumer Financial Protection Bureau and their authority
• Understand the CFPB 1033 final rule, including SUBPARTS A, B, C, and D
• Determine what requirements pertain to your financial institution
• Determine an affordable approach to meeting these requirements
• Review a CFPB 1033 Compliance Roadmap appropriate to the size and complexity of your financial institution
• Determine how to test and verify the CFPB 1033 program for compliance

The ownership of consumer data has shifted away from the financial institution and to the consumer, and this important certification installs a top-down, well-managed privacy program that will meet all the tenets of CFPB 1033. Examiners want someone in your organization who understands the new rule and is trained point-of-contact to facilitate design and rollout of the published rule. This certification is the first of its kind and the only certification directly in the CFPB 1033 rule. In subsequent years, financial institution examiners will require repeatable and tested data privacy program that meets the requirements of this rule as part of their IT Examination process. Get started today with your understanding of this complicated rule and how to prepare for this new world.

Audience

This course is ideal for:

• Privacy Officer
• Security Officer
• Risk Management
• Information Technology
• Information Security
• Operations
• Security and Fraud
• Chief Operations Officer
• IT Director/Manager
• Compliance and Audit
• Third Party Manager