{"id":49924,"date":"2024-10-31T11:33:56","date_gmt":"2024-10-31T15:33:56","guid":{"rendered":"https:\/\/bpi.com\/?page_id=49924"},"modified":"2025-12-02T10:42:33","modified_gmt":"2025-12-02T15:42:33","slug":"section1033","status":"publish","type":"page","link":"https:\/\/bpi.com\/section1033\/","title":{"rendered":"Section 1033"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<h2 class=\"wp-block-heading\" id=\"crucial-context\">Banks&nbsp;Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data<\/h2>\n\n\n\n<p>The Bank Policy Institute and\u00a0Kentucky Bankers Association\u00a0<a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2024\/10\/Forcht-Bank-Kentucky-Bankers-Association-BPI-v-CFPB-2024.10.22.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">filed a lawsuit<\/a>\u00a0against the Consumer Financial Protection Bureau challenging aspects of the agency\u2019s rulemaking under Section 1033 of the Dodd-Frank Act, which governs how consumers access their financial data and how that data is protected. The lawsuit, filed in U.S. District Court in Lexington, KY asserts that the CFPB overstepped its statutory authority and finalized a rule that jeopardizes consumers\u2019 privacy, financial data and account security.<\/p>\n\n\n\n<p><strong>The lawsuit raises several key concerns with the CFPB rule:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>It requires no oversight of third parties using bank customer data.&nbsp;<\/strong>The Treasury Department issued a report in 2022 finding that \u201c\u2026there is virtually no regulatory oversight of data aggregators\u2019 storage of consumer financial information akin to the supervision of [banks\u2019] data security.\u201d The entire responsibility of protecting customers is left to banks under the final rule, while the CFPB takes no accountability for the oversight or supervision of data recipients. Mandating data sharing without requiring third parties to sufficiently protect that data will undermine existing consumer protection laws.<\/li>\n\n\n\n<li><strong>It increases the likelihood of fraud and scams by failing to address weak safeguarding practices.<\/strong>&nbsp;Without proper oversight and supervision of aggregators and third parties, the chances rise of bad actors gaining access to data from third-party entities with weak security practices. Exposure to account and routing numbers, along with transaction data, could provide fraudsters with all the details they need to initiate unauthorized transfers and engage in other malicious activities.<\/li>\n\n\n\n<li><strong>Screen scraping and other unsafe practices are allowed to persist.&nbsp;<\/strong>Many data aggregators continue to rely on unsafe practices such as screen scraping to obtain account and transaction data, often collecting more information than is needed to offer a core product or service. The CFPB has taken no concrete action to prohibit screen scraping and banks would remain limited in their abilities to address this risk and protect their customers.<\/li>\n\n\n\n<li><strong>It fails to hold third parties accountable.<\/strong>&nbsp;When a customer authorizes their data to be shared, the data recipient has an obligation to protect the data and provide the customer with basic customer service when problems arise. Third parties\u2019 use and protection of sensitive consumer data is outside of banks\u2019 control, leaving banks unable to protect their customers from data breaches at third-party companies and fraud that may result from these breaches.<\/li>\n\n\n\n<li><strong>It allows third parties to profit, at no cost, from systems built and maintained by banks.&nbsp;<\/strong>Technology costs are a significant expenditure for every major company in America, and banks have invested billions of dollars in building systems to protect consumers\u2019 data and information and have earned customers\u2019 trust accordingly. Banks should be able to charge third parties who seek access to that sensitive data, just as companies charge one another for products and services routinely in the marketplace. These practices are consistent with developer access offered by Google, Apple, Facebook and other major U.S. companies.<\/li>\n\n\n\n<li><strong>It imposes an unreasonable implementation timeline.&nbsp;<\/strong>While the final rule seemingly provides a longer compliance runway, the new compliance deadline is not tied to the promulgation of any consensus standards that will naturally become the industry\u2019s default standard for compliance under the rule. But banks cannot build toward compliance with standards that do not exist. Until such standards are promulgated, any steps data providers take toward compliance come with the substantial risk of being wasted in the event that they must unwind and redo that work to adapt to standards that are later adopted.<\/li>\n<\/ul>\n\n\n\n<p>Banks support a regulatory framework that fosters competition and safeguards consumer interests. Our goal is to achieve a resolution that sufficiently protects bank customers\u2019 privacy, data security and control over their personal financial information.<\/p>\n\n\n\n<p>To access a copy of the complaint, please&nbsp;<a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2024\/10\/Forcht-Bank-Kentucky-Bankers-Association-BPI-v-CFPB-2024.10.22.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">click here<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<h2 class=\"wp-block-heading\">Litigation Timeline<\/h2>\n\n\n\n<p>The CFPB proposed its rule on October 31, 2023.&nbsp;It received over 11,000 comments, many of which criticized fundamental aspects of the Bureau\u2019s proposal. Yet the CFPB proceeded to finalize the rule largely as proposed on October 22, 2024. The CFPB has since acknowledged the rule violates the law, and the Financial Technology Association has intervened to defend the rule. A timeline for the case is outlined below.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n\n<!-- Desktop \/ Landscape Version -->\n<div class=\"iframe-desktop-updated\" style=\"width: 100%;\">\n  <div style=\"position: relative; padding-bottom: 60.3%; padding-top: 0; height: 0;\">\n    <iframe loading=\"lazy\" title=\"Updated-08.21.2025 - Landscape Version - Section 1033 Timeline\"\n            frameborder=\"0\" width=\"1000\" height=\"603\"\n            style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\"\n            src=\"https:\/\/view.genially.com\/689215e999c25e4e67a12f58\"\n            type=\"text\/html\" allowscriptaccess=\"always\" allowfullscreen=\"true\"\n            scrolling=\"yes\" allownetworking=\"all\"><\/iframe>\n  <\/div>\n<\/div>\n\n<!-- Mobile \/ Portrait Version -->\n<div class=\"iframe-mobile-updated\" style=\"width: 100%;\">\n  <div style=\"position: relative; padding-bottom: 433.33%; padding-top: 0; height: 0;\">\n    <iframe loading=\"lazy\" title=\"Updated-08.21.2025 - Mobile Version - Section 1033 Litigation Timeline\"\n            frameborder=\"0\" width=\"300\" height=\"1300\"\n            style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\"\n            src=\"https:\/\/view.genially.com\/68951f303893ab713bf8ff06\"\n            type=\"text\/html\" allowscriptaccess=\"always\" allowfullscreen=\"true\"\n            scrolling=\"yes\" allownetworking=\"all\"><\/iframe>\n  <\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Resource Center<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-advgb-columns advgb-columns-wrapper\" id=\"advgb-cols-912e58ae-6905-47da-85d6-beb50bb8d1aa\"><div class=\"advgb-columns-container\"><div class=\"advgb-columns advgb-columns-row advgb-is-mobile advgb-columns-2 layout-23-13 mbl-layout-stacked gutter-20 vgutter-10\">\n<div class=\"wp-block-advgb-column advgb-column advgb-is-two-thirds-tablet advgb-is-full-mobile\" id=\"advgb-col-696417a4-b765-4c8d-8c00-14c732fffd77\"><div class=\"advgb-column-inner\" style=\"border-style:none;border-width:1px\">\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file aligncenter\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/bpi.com\/wp-content\/uploads\/2025\/07\/Forcht-v.-CFPB-Response-and-Reply-Brief-in-Further-Support-of-Summary-Judgment_Filed.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Forcht v. CFPB - Response and Reply Brief in Further Support of Summary Judgment_Filed.\"><\/object><a id=\"wp-block-file--media-4941d8b6-1948-4f09-9389-d6eef12ce7a7\" href=\"https:\/\/bpi.com\/wp-content\/uploads\/2025\/07\/Forcht-v.-CFPB-Response-and-Reply-Brief-in-Further-Support-of-Summary-Judgment_Filed.pdf\">Forcht v. CFPB &#8211; Response and Reply Brief in Further Support of Summary Judgment_Filed<\/a><a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2025\/07\/Forcht-v.-CFPB-Response-and-Reply-Brief-in-Further-Support-of-Summary-Judgment_Filed.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-4941d8b6-1948-4f09-9389-d6eef12ce7a7\">Download<\/a><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-advgb-column advgb-column advgb-is-one-third-tablet advgb-is-full-mobile\" id=\"advgb-col-64d62782-c36f-4297-8536-318ba7e58c3c\"><div class=\"advgb-column-inner\" style=\"border-style:none;border-width:1px\"><div class=\"advgb-recent-posts-block list-view image-right recent-posts-e9b6e1c0-bd14-4b64-bddc-60800f42c20a\"><div class=\"advgb-recent-posts\"><article class=\"advgb-recent-post\"><div class=\"advgb-post-thumbnail\"><a href=\"https:\/\/bpi.com\/key-takeaways-from-the-hill-bpi-modern-money-event\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"664\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2025\/02\/advcocacy-dc-2.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/bpi.com\/wp-content\/uploads\/2025\/02\/advcocacy-dc-2.jpg 1000w, https:\/\/bpi.com\/wp-content\/uploads\/2025\/02\/advcocacy-dc-2-300x199.jpg 300w, https:\/\/bpi.com\/wp-content\/uploads\/2025\/02\/advcocacy-dc-2-768x510.jpg 768w, https:\/\/bpi.com\/wp-content\/uploads\/2025\/02\/advcocacy-dc-2-600x398.jpg 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/div><div class=\"advgb-post-wrapper\"><h2 class=\"advgb-post-title\"><a href=\"https:\/\/bpi.com\/key-takeaways-from-the-hill-bpi-modern-money-event\/\">Key Takeaways from The Hill x BPI \u201cModern Money\u201d Event<\/a><\/h2><div class=\"advgb-post-content\"><\/div><\/div><\/article><article class=\"advgb-recent-post\"><div class=\"advgb-post-thumbnail\"><a href=\"https:\/\/bpi.com\/joint-statement-on-courts-decision-to-stay-section-1033-compliance-deadline\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference.jpg\" class=\"attachment-large size-large\" alt=\"Image showing microphones for press cover\" srcset=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference.jpg 1000w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference-300x200.jpg 300w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference-768x512.jpg 768w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference-600x400.jpg 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/div><div class=\"advgb-post-wrapper\"><h2 class=\"advgb-post-title\"><a href=\"https:\/\/bpi.com\/joint-statement-on-courts-decision-to-stay-section-1033-compliance-deadline\/\">Joint Statement on Court\u2019s Decision to Stay Section 1033 Compliance Deadline<\/a><\/h2><div class=\"advgb-post-content\"><\/div><\/div><\/article><article class=\"advgb-recent-post\"><div class=\"advgb-post-thumbnail\"><a href=\"https:\/\/bpi.com\/bank-policy-institute-supports-cfpb-realigning-section-1033-rule-with-the-law\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"Interviewing businessman or politician, press conference\" srcset=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-1024x683.jpg 1024w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-300x200.jpg 300w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-768x512.jpg 768w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-1536x1024.jpg 1536w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-2048x1366.jpg 2048w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-1600x1067.jpg 1600w, https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-600x400.jpg 600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><div class=\"advgb-post-wrapper\"><h2 class=\"advgb-post-title\"><a href=\"https:\/\/bpi.com\/bank-policy-institute-supports-cfpb-realigning-section-1033-rule-with-the-law\/\">Bank Policy Institute Supports CFPB Realigning Section 1033 Rule with the Law<\/a><\/h2><div class=\"advgb-post-content\"><\/div><\/div><\/article><article class=\"advgb-recent-post\"><div class=\"advgb-post-thumbnail\"><a href=\"https:\/\/bpi.com\/bpi-responds-to-cfpbs-advance-notice-of-proposed-rulemaking-reconsidering-section-1033-rule\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"416\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2019\/07\/man-signing-legal-doc.jpg\" class=\"attachment-large size-large\" alt=\"Hand signing legal document\" srcset=\"https:\/\/bpi.com\/wp-content\/uploads\/2019\/07\/man-signing-legal-doc.jpg 1000w, https:\/\/bpi.com\/wp-content\/uploads\/2019\/07\/man-signing-legal-doc-300x125.jpg 300w, https:\/\/bpi.com\/wp-content\/uploads\/2019\/07\/man-signing-legal-doc-768x319.jpg 768w, https:\/\/bpi.com\/wp-content\/uploads\/2019\/07\/man-signing-legal-doc-600x250.jpg 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/div><div class=\"advgb-post-wrapper\"><h2 class=\"advgb-post-title\"><a href=\"https:\/\/bpi.com\/bpi-responds-to-cfpbs-advance-notice-of-proposed-rulemaking-reconsidering-section-1033-rule\/\">BPI Responds to CFPB&#8217;s Advance Notice of Proposed Rulemaking Reconsidering Section 1033 Rule<\/a><\/h2><div class=\"advgb-post-content\"><\/div><\/div><\/article><\/div><\/div>\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\">View All<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"break-container\"\n     style=\"background: linear-gradient(89.84deg, #0D1A1F 8.28%, #444B6E 60.97%, #681E9C 130.02%);\">\n    <section class=\"block-media-spotlight container-1100 is-media-youtube empty-thumbnail columns-2\">\n                            <div class=\"col-content\">\n                \n                \n                                        <div class=\"content-html\"><h2 style=\"margin-bottom:1em;\">Section 1033: What it Means and Why Banks are Challenging the Rule<\/h2>\r\nThe CFPB\u2019s Section 1033 rule jeopardizes the security and privacy of consumer financial data. Hear from Paige Pidano Paridon, BPI\u2019s Co-Head of Regulatory Affairs, on the shortcomings of this rule and learn more at KeepBankingSafe.com<\/div>\n                            <\/div>\n        \n                <div class=\"col-media is-youtube\">\n            \n                            \n                                    <div class=\"spotlight-youtube\">\n                        <div class=\"youtube-responsive-container\">\n                            <iframe src=\"https:\/\/www.youtube.com\/embed\/L-lezJpja_s\" frameborder=\"0\"\n                                    allowfullscreen><\/iframe>\n                       \n                        <\/div>\n                    <\/div>\n                                    <\/div>\n    <\/section>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Recent One-Pagers<\/h3>\n\n\n<div class=\"break-container\">\n    <section class=\"block-posts-grid container-1240\">\n\t\t<section class=\"related-posts\">\n\t<div class=\"related-posts-header\">\n\t\t\n\t\t\t<\/div>\n\t<div class=\"related-posts-container\">\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/fintech-innovation\/\" class=\"main-topic\">Fintech &amp; Innovation<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/key-takeaways-from-the-hill-bpi-modern-money-event\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2025\/02\/advcocacy-dc-2-286x162.jpg\" srcset=\"\"  alt=\"\">\n            <span class=\"h5\">Key Takeaways from The Hill x BPI \u201cModern Money\u201d Event<\/span>\n            <time datetime=\"2025-12-16T15:00:00-05:00\">\n            <span class=\"far fa-clock\"><\/span>\n            December 16, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/fintechs-mixed-messages-on-the-biden-administrations-open-banking-rule\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/11\/advcocacy-dc-2-286x162.jpg\" srcset=\"\"  alt=\"Federal building columns\">\n            <span class=\"h5\">Fintechs\u2019 Mixed Messages on the Biden Administration\u2019s \u2018Open Banking\u2019 Rule<\/span>\n            <time datetime=\"2025-10-16T11:00:00-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            October 16, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/fintech-innovation\/data-aggregators\/\" class=\"main-topic\">Data Aggregators<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/a-fair-exchange-why-data-aggregators-should-pay-to-access-bank-apis\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2021\/06\/Data-Aggregator-286x162.jpg\" srcset=\"\"  alt=\"\">\n            <span class=\"h5\">A Fair Exchange: Why Data Aggregators Should Pay to Access Bank APIs<\/span>\n            <time datetime=\"2025-07-18T14:26:18-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            July 18, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/screen-scraping-what-is-it-and-how-does-it-work\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2024\/11\/screen-scraping-286x162.jpg\" srcset=\"\"  alt=\"photo showing person on computer and digital scans\">\n            <span class=\"h5\">Screen Scraping: What Is It and How Does It Work?<\/span>\n            <time datetime=\"2024-11-26T11:08:00-05:00\">\n            <span class=\"far fa-clock\"><\/span>\n            November 26, 2024\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t<\/div>\n<\/section>\n                \n                    <\/section>\n\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Screen Scraping: Visual Resources<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file aligncenter\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/bpi.com\/wp-content\/uploads\/2024\/11\/Screen-Scraping-What-Is-It-and-How-Does-It-Work.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Screen Scraping--What Is It and How Does It Work.\"><\/object><a id=\"wp-block-file--media-f546cba0-8369-4413-a7f9-38244987b6f9\" href=\"https:\/\/bpi.com\/wp-content\/uploads\/2024\/11\/Screen-Scraping-What-Is-It-and-How-Does-It-Work.pdf\">Screen Scraping&#8211;What Is It and How Does It Work<\/a><a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2024\/11\/Screen-Scraping-What-Is-It-and-How-Does-It-Work.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-f546cba0-8369-4413-a7f9-38244987b6f9\">Download<\/a><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-vimeo wp-block-embed-vimeo wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Screen Scraping: What Is It and How Does It Work?\" src=\"https:\/\/player.vimeo.com\/video\/1033954420?h=48d37f74c3&amp;dnt=1&amp;app_id=122963\" width=\"500\" height=\"281\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"recommendations\"><strong>Recommendations:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Data aggregators should be held to the same rigorous data security and privacy standards as banks<\/strong><br>Banks have legal obligations to safeguard customer data and comply with strict regulatory requirements related to privacy and security, and have put decades of effort into protecting their customers and institutions. In comparison, aggregators&#8217; security controls vary, some may lack the capability to comply with disclosures required under privacy laws, and they are not subject to supervision by regulators similar to that of banks. At a minimum, the CFPB and other agencies should clarify that data aggregators should have in place similar standards as those provided under Regulation P<a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2021\/02\/Data-Aggregators-Issue-Summary.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>[1]<\/sup><\/a> and the lnteragency Guidelines Establishing Information Security Standards<a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2021\/02\/Data-Aggregators-Issue-Summary.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>[2]<\/sup><\/a> , the implementing regulations of GLBA, for the purposes of consumer data security and privacy.<\/li>\n\n\n\n<li><strong>Data aggregators should be transparent in how they access and use consumer data<\/strong><br>Screen-scraping allows an aggregator to obtain significantly more data than needed by the underlying FinTech app, including sensitive personal information, which could subsequently be stolen. Consumers should have a better understanding of the risks associated with sharing their financial data. To that end, aggregators should be required to obtain affirmative consent to access consumers&#8217; financial data that is narrowly tailored to and commensurate with how the data will be accessed, obtained and used.<\/li>\n\n\n\n<li><strong>Liability for unauthorized transactions and cyber breaches must be addressed<\/strong><br>BPI believes there is a lack of clarity around the level of responsibilities aggregators share in the event of unauthorized transactions and cyber breaches and supports clarification of liability during such occurrences. Banks should practice due diligence on data aggregators and manage connectivity risk but should not be held liable for a loss of customer data due to the activities of a data aggregator.<\/li>\n\n\n\n<li><strong>Industry should adopt APls for data sharing<\/strong><br>BPI applauds efforts by FDX to create a common API and by TCH to promote safe methods of sharing customer financial data, but more must be done to move away from the practice of screen-scraping. BPI encourages banks, data aggregators and interested stakeholders to work together to enable migration towards APl-based data sharing. Data sharing should consider the adoption of secure token standards and provide customers visibility and control into personal data shared between FinTech apps and banks.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"break-container\">\n    <section class=\"block-cta-simple\"\n        style=\"background-image: url('https:\/\/bpi.com\/wp-content\/uploads\/2021\/06\/Data-Aggregator.jpg')\">\n        <div class=\"grid-container container-1100\">\n                            <div class=\"col-text\">\n                    <h1>Data Aggregators Issue Summary<\/h1>\n                <\/div>\n                                        <div class=\"col-button\">\n                    <a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2021\/02\/Data-Aggregators-Issue-Summary.pdf\" title=Download\n                                        >\n                        Download\n                    <\/a>\n                <\/div>\n                    <\/div>\n    <\/section>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"press-and-media\">Press and Media<\/h2>\n\n\n<section\n\tclass=\"block-post-spotlight\">\n\t\t\n\t\t<div class=\"spotlight-item\">\n\t\t<div class=\"col-image\">\n\t\t\t\t\t\t\t<a class=\"thumbnail\" style=\"background-image: url(https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648.jpg)\" href=\"https:\/\/bpi.com\/banks-challenge-cfpb-rule-jeopardizing-security-and-privacy-of-consumer-financial-data\/\" title=\"Banks\u00a0Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data\"><\/a>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"col-content has-primary-topic\">\n\t\t\t\t\t\t\t<a class=\"post-topic\" href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/\" title=\"Data Privacy posts\">\n\t\t\t\t\tData Privacy\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<div class=\"post-title\">\n\t\t\t\t\t\t\t\t\t<a class=\"mobile-thumbnail\" style=\"background-image: url(https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648.jpg)\" href=\"https:\/\/bpi.com\/banks-challenge-cfpb-rule-jeopardizing-security-and-privacy-of-consumer-financial-data\/\" title=\"Banks\u00a0Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data\"><\/a>\n\t\t\t\t\t\t\t\t<a class=\"post-title-link\" href=\"https:\/\/bpi.com\/banks-challenge-cfpb-rule-jeopardizing-security-and-privacy-of-consumer-financial-data\/\" title=\"Banks\u00a0Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data\">\n\t\t\t\t\tBanks\u00a0Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\n\t\t\t\n\t\t\t<div class=\"post-date\">\n\t\t\t\t<span class=\"far fa-clock\"><\/span>\n\t\t\t\tOctober 22, 2024\n\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"post-excerpt\">\n\t\t\t\t\tWashington, D.C. \u2013 The Bank Policy Institute and&nbsp;Kentucky Bankers Association filed a lawsuit today against the Consumer Financial Protection Bureau challenging aspects of the agency\u2019s rulemaking under Section 1033 of the Dodd-Frank Act, which governs how consumers access their financial data and how that data is protected. The lawsuit, filed in U.S. District Court in &hellip;\n\t\t\t\t<\/div>\n\t\t\t\n\t\t\t<a href=\"https:\/\/bpi.com\/banks-challenge-cfpb-rule-jeopardizing-security-and-privacy-of-consumer-financial-data\/\" title=\"Banks\u00a0Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data\" class=\"button ghost purple small button-read-more\">\n\t\t\t\tRead More\n\t\t\t<\/a>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n\n<div class=\"break-container\">\n    <section class=\"block-posts-grid container-1240\">\n\t\t<section class=\"related-posts post-slider\">\n\t<div class=\"related-posts-header\">\n\t\t\n\t\t\t\t\t<div class=\"related-posts-controls\">\n\t\t\t\t<span class=\"slide-count\"><\/span>\n\t\t\t\t<button class=\"button text slider-prev\" aria-label=\"Previous\">\n\t\t\t\t\t<span class=\"far fa-long-arrow-left\"><\/span>\n\t\t\t\t<\/button>\n\t\t\t\t<button class=\"button text slider-next\" aria-label=\"Next\">\n\t\t\t\t\t<span class=\"far fa-long-arrow-right\"><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\t<div class=\"related-posts-container\">\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/\" class=\"main-topic\">Security<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/joint-statement-on-courts-decision-to-stay-section-1033-compliance-deadline\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference-286x162.jpg\" srcset=\"\"  alt=\"Image showing microphones for press cover\">\n            <span class=\"h5\">Joint Statement on Court\u2019s Decision to Stay Section 1033 Compliance Deadline<\/span>\n            <time datetime=\"2025-10-29T12:51:11-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            October 29, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/bank-policy-institute-supports-cfpb-realigning-section-1033-rule-with-the-law\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-286x162.jpg\" srcset=\"\"  alt=\"Interviewing businessman or politician, press conference\">\n            <span class=\"h5\">Bank Policy Institute Supports CFPB Realigning Section 1033 Rule with the Law<\/span>\n            <time datetime=\"2025-10-21T14:20:30-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            October 21, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/banks-respond-to-cfpbs-reopened-section-1033-rulemaking\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference-286x162.jpg\" srcset=\"\"  alt=\"Image showing microphones for press cover\">\n            <span class=\"h5\">Banks Respond to CFPB\u2019s Reopened Section 1033 Rulemaking<\/span>\n            <time datetime=\"2025-08-21T13:28:01-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            August 21, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/banks-respond-to-fta-letter-that-seeks-to-mislead-trump-administration-about-open-banking\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/press_conference-286x162.jpg\" srcset=\"\"  alt=\"Image showing microphones for press cover\">\n            <span class=\"h5\">Banks Respond to FTA Letter that Seeks to Mislead Trump Administration about Open Banking<\/span>\n            <time datetime=\"2025-08-14T15:41:04-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            August 14, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/banks-ask-court-to-clarify-compliance-expectations-under-section-1033\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-286x162.jpg\" srcset=\"\"  alt=\"Interviewing businessman or politician, press conference\">\n            <span class=\"h5\">Banks Ask Court to Clarify Compliance Expectations Under Section 1033<\/span>\n            <time datetime=\"2025-08-13T20:48:04-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            August 13, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/fta-is-wrong-cfpb-1033-rule-is-a-threat-not-a-boon-to-safe-financial-data-sharing\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-286x162.jpg\" srcset=\"\"  alt=\"Interviewing businessman or politician, press conference\">\n            <span class=\"h5\">FTA is Wrong: CFPB 1033 Rule is a Threat, Not a Boon, to Safe Financial Data-Sharing<\/span>\n            <time datetime=\"2025-07-29T13:50:30-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            July 29, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/correcting-the-record-on-safe-data-sharing\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-286x162.jpg\" srcset=\"\"  alt=\"Interviewing businessman or politician, press conference\">\n            <span class=\"h5\">Correcting the Record on Safe Data Sharing<\/span>\n            <time datetime=\"2025-07-25T15:45:00-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            July 25, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t\t\t\n    \n    \n            \n<div  class=\"post-card\">\n            <a href=\"https:\/\/bpi.com\/category\/security\/data-privacy\/section1033\/\" class=\"main-topic\">Section 1033<\/a>\n        <a class=\"post-link\" href=\"https:\/\/bpi.com\/banks-urge-court-to-vacate-cfpbs-section-1033-rule\/\">\n                    <img decoding=\"async\" src=\"https:\/\/bpi.com\/wp-content\/uploads\/2020\/10\/iStock-866214648-286x162.jpg\" srcset=\"\"  alt=\"Interviewing businessman or politician, press conference\">\n            <span class=\"h5\">Banks Urge Court to Vacate CFPB\u2019s Section 1033 Rule<\/span>\n            <time datetime=\"2025-05-30T23:14:26-04:00\">\n            <span class=\"far fa-clock\"><\/span>\n            May 30, 2025\n        <\/time>\n        <\/a>\n<\/div>\n\t\t\t<\/div>\n<\/section>\n                \n                    <\/section>\n\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d 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The lawsuit, filed &hellip;<\/p>\n","protected":false},"author":328,"featured_media":32355,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-full-width.php","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"class_list":["post-49924","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Section 1033 - Bank Policy Institute<\/title>\n<meta name=\"description\" content=\"Banks&nbsp;Challenge CFPB Rule Jeopardizing Security and Privacy of Consumer Financial Data The Bank Policy Institute and\u00a0Kentucky Bankers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bpi.com\/section1033\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Section 1033 - 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