Open banking is a topic getting more attention as consumers
grow increasingly aware of the importance of monitoring their personal
financial data. The Consumer Financial Protection Bureau’s (CFPB) “Personal
Financial Data Rights” rulemaking, implementing Sec. 1033 of the Dodd-Frank
Act, is viewed by many experts as a potential catalyst for a large-scale shift in
favor of open banking, also known as open finance.
Speaking to Dodd Frank Update during the 2023
Mortgage Bankers Association’s Annual Conference in Philadelphia, Truv CEO and
co-founder Kirill Klokov and Truv Vice President of Product, Analytics and
Design Darshana Shetty offered insight as to how open banking systems can be
beneficial in verifying lender data.