Data-Sharing Regulations CFPB 1033 and Open Banking The Consumer Financial Protection Bureau (CFPB) was established by the Dodd-Frank Act to promote transparency and accountability between financial institutions and consumers. The CFPB 1033 proposed rulemaking reinforces consumers’ power to access their own personal financial data and share it with third parties.Envestnet | Yodlee is at the forefront of consumer-permissioned data sharing. Our connectivity continues to expand. We continue to drive adoption of standardized open banking APIs and are committed to helping the financial community elevate open finance through consumer transparency, innovation, and consumer use cases that drive core business key performance indicators. Read More right Join us as Jean-Paul LaClair, Senior Director at Financial Data Exchange, discusses advancing open finance. Explore gaps in traditional lending, benefits for consumers, security concerns, and how to unite financial players for a more inclusive ecosystem. Listen to Podcast Jean-Paul LaClair of FDX on Open Finance Discover how advanced Personal Financial Management (PFM) tools are shaping the future of financial wellness. Learn about personalized insights, automation trends, and the impact of data analytics on empowering consumers for a better financial journey. Watch Video The Future of Personal Financial Management Yodlee’s open APIs help empower financial institutions to meet the data-sharing consent requirements outlined in the CFPB’s Section 1033 proposed rulemaking. Learn more about the Section 1033 Rule here. Watch Video Section 1033 Compliant Quality data with market-leading depth in data aggregationStrategic approach with superior product vision and an intelligent execution roadmapOpen finance extending into the many aspects of digital finances in consumer’s’ livesGlobal presence supporting multiple countries as open banking momentum buildsData provider relationships with industry guidelines and best practicesConsumer-permissioned data sharing that complies with CFPB Section 1033 rules The Envestnet | Yodlee Open Banking Difference As an open banking leader, Envestnet | Yodlee is recognized in the industry for easy-to-use and reliable data access solutions. left A Forrester Wave Open Banking Intermediary Leader Envestnet has been named a leader in The Forrester Wave™: Open Banking Intermediaries, Q1 2023 report. Forrester, a leading global market research firm, performed an independent evaluation of 13 of the most significant open banking intermediary providers and assessed each across a set of evaluation criteria to help banking and financial services providers choose the best provider for their needs. In their report, Forrester notes that our absolute focus on data is evident in Envestnet’s platform, which supports both API and non-API data sources, open banking standards such as FDX, PSD2 and CDR. left Ben Soccorsy, Senior Vice President of Strategy Digital and Innovation, Wells Fargo We are thrilled to come to this agreement with Envestnet | Yodlee and take this big step toward achieving complete API-based financial data sharing for our consumer and small business customers who want to manage their finances on the platform of their choice. As we help customers navigate these uncertain times, we want to enable them to seamlessly connect with and use third-party apps that help them manage their finances and do so in as secure a way as possible. Wells Fargo’s agreement with Envestnet | Yodlee does just that. Bill Wallace, Head of Digital at JPMorgan Chase This will help our customers manage exactly who they give their information to, and understand how their information will be used. They also can cancel that access anytime they want. Linda Albornoz, Senior Vice President of Digital Cross-Enterprise Platforms, Charles Schwab These new partnerships underscore the continuing need to ensure our clients’ valuable financial data is protected. Tara Welkley, Head of Open Banking, Citi FinTech We see Open Banking as a pathway to deepen customer relationships and to create more secure yet personalized banking experiences. PreviousNext
