Todd Zywicki, law professor who analyzes consumer data and policy, and Paul Watkins, regulatory lawyer with CFPB experience, discuss who controls financial data. They explore Section 1033, data access methods like APIs versus screen scraping, fees and bank leverage, definitions of authorized third parties, and whether regulation or market negotiation will protect consumer choice.
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insights INSIGHT
1033 Is A Consumer Data Access Linchpin
Section 1033 of Dodd-Frank gives consumers a statutory right to access their financial data and can unbundle banking services.
CFPB rulemaking will determine how that access translates into real-world competition and consumer choice.
insights INSIGHT
Data Is Jointly Produced, Use Trumps Ownership
Financial information is jointly produced by consumers and firms, so ownership claims alone miss the point.
Consumers care more about how data is used and whether misuse is prevented than about formal ownership.
volunteer_activism ADVICE
Prioritize Low-Cost, Usable Data Access
Make data usable at low transaction cost so consumers can leverage it for better services.
Design rules that prioritize secure, low-friction transmission over burdensome consent paperwork.
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Who controls your financial data and who decides how it can be used? As Americans increasingly rely on digital banking, apps, and financial technology tools, that question has moved to the forefront of a policy debate that may come to a head in the coming months. Section 1033 of the Dodd-Frank Act is currently under review by the Consumer Financial Protection Bureau, prompting renewed debate over how consumers should access their own financial information and decide how it is shared. Translating that principle into practice, raises significant legal and policy questions about whether current regulatory and market structures truly empower consumers or instead concentrate control over data into the hands of banks This webinar will examine open banking through a consumer-centered legal lens, focusing on how rules governing data access, privacy, and consent impact real-world choice. Panelists will discuss how bank-centric approaches may prioritize institutional preferences over consumer autonomy, potentially limiting Americans’ ability to use innovative financial tools that rely on secure, authorized data sharing. Throughout the program, panelists will evaluate the CFPB’s Section 1033 rulemaking and consider whether a consumer-directed approach to financial data can both defend consumer’s right to their own data and foster innovation. Featuring:
Paul Watkins, Managing Partner, Fusion Law PLLC Prof. Todd Zywicki, George Mason University Foundation Professor of Law, Antonin Scalia Law School, George Mason University (Moderator) Will Hild, Executive Director, Consumers Research
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