THE SECTION 1033 FINAL RULE After more than a year of debate and uncertainty, the Notice of Final Ruling on section 1033 is finally here. The vast majority of community banks — with the exception of those with fewer than $850 million in assets — now face a compliance timeline of about two to five years, depending on asset size. However, this new open banking regulatory landscape is about more than compliance. It’s about embracing innovation and the opportunities it creates for community banks to better understand their account holders — and to acquire and retain them. With the Final Rule in place, community banks can now take the steps to prepare for and capitalize on the opportunity 1033 presents when the compliance deadline arrives. The following are a few things community banks should focus on between now and then. Providing Community Banks With the Perfect Innovation Opportunity By BRADLEY WALLACE, Director of Compliance, CSI 12 NEBRASKA INDEPENDENT BANKER
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