Outline re: Section 1033 of the Dodd‑Frank Act

On January 10, 2023, Cravath updated a previously published memo for its clients entitled “Outline re: Section 1033 of the Dodd‑Frank Act,” which provides an overview of Section 1033 and the Consumer Financial Protection Bureau’s efforts to start implementing regulations for this “open banking” provision of the Dodd‑Frank Act. The updated memo includes information regarding the CFPB’s “Outline of Proposals and Alternatives Under Consideration” regarding a rulemaking pursuant to Section 1033, which was published on October 27, 2022. The outline will be periodically updated as warranted.

Please click here to read the memo.