BANKS ARE “OPEN” FOR BUSINESS: RECOMMENDED REVISIONS TO SECTION 1033 OF THE DODD-FRANK ACT
January 18, 2023The reliance on technology to facilitate the movement of money has continued to grow since the inception of online and mobile banking. Instead of a bank, many users now access their financial information through an app. This technological shift has made it more important than ever that consumers are able to harness technology to understand their finances. Unfortunately, for many users, navigating this financial system is difficult and there is a lack of financial laws to make that navigation easier. By analyzing international approaches and developments from the Consumer Financial Protection Bureau, this Article illustrates how changes under Section 1033 would improve the financial ecosystem. Additionally, it will explain why new regulations are needed to improve consumer financial portability by cutting through the red tape that encompasses the current system.
Author: Andreas Myers
PDF: http://ncjolt.org/wp-content/uploads/sites/4/2023/01/Myers-Final.pdf
Volume 24, Issue 2