Start-ups argue that Section 1033, which is a mere 1 page in the 849 page Dodd-Frank Act, preserves their right to pull data from customers’ bank accounts.
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Startups Want to Save One Key Page (Section 1033) of Dodd-Frank
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Upstarts and banks have discussed compromise proposals, such as creating new ways to create anonymous passwords. Some banks also plan to submit comments to the CFPB on data-safety guidelines for sharing. “We know customers love sharing their data, and banks are working hard to make sure they can share their data regardless of whether there’s a law or not,” said Robert Morgan, vice president for emerging technologies at the American Bankers Association, a banking industry group. Banks and fintech companies have managed to reach some accommodations. J.P. Morgan Chase recently struck a deal with Intuit Inc., which owns the Mint.com service, to enable the bank’s customers to share data without giving up their password to Mint and other Intuit services.
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