Course description

We have been hearing the rumblings about the CFPB’s Section 1033 of the Dodd-Frank Act for some time, but do we fully understand the impact to our customer data, the expectations of information security and the continued emphasis on vendor due diligence? 

Banks, as covered data providers, will need to have compliance procedures around responding to requests from consumers making their “covered data” available to them in electronic format. We will talk about the machine-readable requirements and the adventures of working with other providers. 

There will be many opportunities for banks to take advantage of this new world of data sharing and just being compliant would be a shortcoming if banks do not also take advantage of the new opportunities to help provide better services and products in this new world.

This session will address these issues and help you to more thoughtfully plan out your attack as the due dates roll closer. 


Specific Areas Covered

  • We will discuss API Enablement and whether your organization already has these in place or if this is something that you want to engage in for your customers to provide better services and access to their accounts. We will discuss how to monitor and report the performance and 
  • Third Party Risk Management-How will you risk rate and evaluate third-party data recipients to make sure they meet your minimum security and compliance standards? This has become an evergreen topic with the regulators, but when dealing with customer data in an even more expanded and potentially risky arena such as providing the data to approved third parties, this is a must.
  • Operations & Processes-What are the types of changes you will need to make with your current operational processes to synch with the regulatory requirements? You will need to decide what experience you want to offer your customers. Will the bank always be the data provider, or will it sometimes be the  data aggregator?
  • FDX-What is it and how will it help you to understand the new arena that banks will be forced to be a part of? There are many resources available, and this organization has taken the lead in helping to provide a uniform framework for all the players in this new functionality. 

Instructor(s)

Maureen Carollo, CRCM, CAMS

Maureen E. Carollo is SVP, Director of Compliance for Sovereign Bank in Oklahoma City, a $1.2 billion community bank. She was most recently Chief Compliance & Chief Risk Officer, SVP, for Old Glory Bank and has over 35 years of experience in the deposit operations, loan administration, compliance management, internal audit and BSA/AML/CFT management areas and holds the Certified Regulatory Compliance Manager (CRCM) designation and the Certified Anti-Money Laundering Specialist (CAMS) certification. She is a graduate of the Southwestern Graduate School of Banking at SMU in Dallas, Texas, and graduated with recognition for leadership. She serves on the “ABA Bank Compliance” magazine Editorial Advisory Board, where she has had multiple articles and columns published. She has also received an APEX Award for “Excellence in Publishing.” She has been a regular speaker for the ABA Regulatory Compliance Conference, where she serves on the Advisory Board and was awarded the 2021 “Distinguished Service Award” for Compliance. She has also regularly spoken at events for Marquis Centrax, CbanC and Bankers Online. She is also active in the Oklahoma Bankers Association, where she has been past Chairman of the Compliance School Board of Regents and has served on the Board for over 20 years. She is also a frequent speaker for the OBA’s Compliance School and past speaker for their Operations School, Consumer Lending School, and Intermediate Banking School.

Course curriculum

  • 1

    Section 1033 & Open Banking-What You Need to Know Now

    • Watch Webinar
  • 2

    Materials

    • Slides

    • Materials

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