New solutions to help Plaid customers prepare for open banking regulation

Open banking regulation is coming to the U.S., with the CFPB's 1033 rule expected to arrive this fall. Plaid, a financial services company, has prepared an open banking readiness tool kit to help its customers prepare for evolving regulation more easily and confidently. The key requirements in the CFPB's 1033 proposal include authorization management and data deletion, record retention, and onboarding. Plaid is launching several solutions over the coming months to address these expected requirements, including Data Transparency Messaging (DTM), which provides a standardized way for apps and services on the Plaid network to give an even greater level of information to consumers about how their data is being used ahead of the anticipated 1033 rule's requirements.