Navigating 1033: Technology Considerations for the New Rules of the Road

The long-awaited final rules under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 present technology departments and tech leadership with a new set of compliance challenges that will require them to assess their organizations’ capabilities and policies as well as work with internal compliance teams to ensure consumer data is managed properly. This will mean tech departments must now build and manage products with an eye on compliance with consumer data regulations. 

This Javelin Strategy & Research report looks at how the new rules should usher in closer collaboration between FIs’ tech and compliance teams—as well as with third-party service providers—to ensure that consumer data is handled properly through the building of proper protocols and procedures. The requirements under Section 1033 rules are not particularly onerous, but they will necessitate additional work with partners and clients to ensure that compliance requirements are met. This will especially be the case in the near term, during the early stages of enforcement. 

Key questions discussed in this report:

• What does Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mean for technology leaders? 
• How can technology departments prepare for complying with Section 1033? 
• How can technology leaders and their teams collaborate with internal and external partners to comply with Section 1033?

Companies Mentioned: 

Chase Akoya, Bank of America, Chase, Finicity (Mastercard), FIS, Fiserv, Galileo, MX, Navy Federal credit Union, Plaid, Q2, Trustly, Wells Fargo