The Future of Consumer Financial Data Access: Implementing Section 1033 of the Dodd-Frank Act

December 3, 2021
9:30 am - 1:00 pm
Virtual

BPI and The Clearing House (TCH) are hosting a symposium titled “The Future of Consumer Financial Data Access: Implementing Section 1033 of the Dodd-Frank Act” on Friday, December 3 from 9:30 a.m. – 1:00 p.m. EST. The event will be held virtually given the ongoing disruption to travel due to COVID-19.

Please consider joining BPI and TCH’s virtual symposium on the future of consumer financial data access. The program will bring together leading policy and technical experts from the regulatory agencies, financial institutions, data aggregators, FinTechs and think tanks for a candid discussion around implementing Section 1033 of the Dodd-Frank Act. Discussion panels will cover topics such as lessons learned from open banking in the United Kingdom and European Union, the transition from screen scraping to Application Programming Interfaces (API), processes for consumer informed consent and the role for policymakers and regulators going forward.

Additional logistical details will be released in advance of the event. Please note, the program will be open to the press.

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Event Agenda

Friday
December
3rd, 2021

Please consider joining BPI and TCH’s virtual symposium on the future of consumer financial data access. The program will bring together leading policy and technical experts from the regulatory agencies, financial institutions, data aggregators, FinTechs and think tanks for a candid discussion around implementing Section 1033 of the Dodd-Frank Act. Discussion panels will cover topics such as lessons learned from open banking in the United Kingdom and European Union, the transition from screen scraping to Application Programming Interfaces (API), processes for consumer informed consent and the role for policymakers and regulators going forward.

9:30 AM - 9:35 AM
9:35 AM - 10:35 AM
Panel 1: What is “Open Banking” and What’s Ahead for the U.S. Under Section 1033?

This panel will explore the different conceptions of “open banking,” how open banking has been implemented in the UK/EU, the lessons that can be learned from those experiences and the future of consumer financial data access in the United States.  Topics discussed may include differences between the statutory directives in the United States and the UK/EU and the benefits and detriments of the approaches taken in those jurisdictions, including whether outcomes of open banking have been positive for consumers and market participants.  The panel will also cover the evolution of consumer financial data access in the United States, the future of this ecosystem under Section 1033 of the Dodd-Frank Act, and the role of regulatory agencies and policymakers going forward, including as it relates to oversight and supervision of data aggregators and the assignment of liability among parties.

Lead Discussants:
Kelvin Chen, Capital One
Thomas Devlin, Consumer Financial Protection Bureau
Kevin Greenfield, Office of the Comptroller of the Currency
Linda Jeng, Georgetown University Law Center & Transparent Systems
John Pitts, Plaid

Moderated by:
Paige Paridon, BPI

10:40 AM - 11:40 AM
Panel 2: Data Migration – Transition from Screen Scraping to APIs

This panel will address how to foster safe and secure methods for consumer financial data sharing, including how to accelerate the transition from screen scraping to Application Programming Interfaces (APIs).  Questions addressed may include challenges for smaller banks; the role of core providers; and network approaches. The panel will also explore the topic of data minimization and the scope of access rights under Section 1033.

Lead Discussants:
Ryan Christiansen, Finicity
Stuart Rubenstein, Akoya
Natalie Talpas, PNC Financial Services
Matthew Wilcox, Fiserv (TBC)

Moderated by:
Blaise Pierre-Louis, TCH

11:50 AM - 12:50 PM
Panel 3: Informed Consumer Consent

This panel will cover the topic of informed consumer consent in sharing financial data, including how to ensure consent is informed and where responsibility lies for obtaining consumer consent.  Questions addressed may include the specific processes for opting in or out of data sharing; the duration of consent and whether and how to require reauthorization; and whether consumers should be able to modify or revoke access or request that their data be deleted.

Lead Discussants:
Jane Barratt, MX
Kelly Thompson Cochran, FinRegLab
Paul LaRusso, JPMorgan Chase & Co.

Moderated by:
Ben Isaacson, TCH

12:50 PM - 1:00 PM

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