Section 1033 in Practice: The U.S. Open Banking Era Begins

The CFPB's Section 1033 rule formalizes consumer rights to financial data and accelerates the decline of screen scraping in favor of regulated, consent-based APIs. The practical implications for fintechs are concrete: standardized authorization flows, clear data scope definitions, and explicit allocation of liability when something goes wrong.

For incumbents, the rule turns API enablement from an optional product into a regulatory obligation - and creates the conditions for U.S. pay-by-bank flows to mature.