FDATA North America

Today, FDATA North America submitted further comments to the CFPB, requesting a thorough review of Financial Data Exchange's (FDX) application for recognition as a standard-setting body (SSB). This follows the recent finalization of the Bureau’s Personal Financial Data Rights rulemaking and a legal challenge from the Bank Policy Institute (BPI) regarding the Bureau’s authority. In our comments, we highlighted potential conflicts of interest in FDX’s governance, noting that eight BPI board members also sit on FDX’s board. FDATA also pointed to FDX's previous advocacy for the CFPB to oversee key aspects like API performance metrics, data breach liability, and technical certification standards—areas not covered in the CFPB’s final rule. 👉 Read our release here: https://lnkd.in/e9Pv4MDh

FDATA North America recently shared its support in American Banker for the CFPB’s open banking rule, empowering consumers to control their financial data and select providers that best meet their needs. Steve Boms, as Executive Director, also expressed disappointment about the exclusion of Electronic Benefit Transfer (EBT) data, which limits access for some consumers. We continue to advocate for a more inclusive financial framework that serves all. #OpenBanking #ConsumerRights #Fintech #1033 https://lnkd.in/gNkf4grS

The CFPB’s new Section 1033 rule is a significant advancement in consumer data rights, giving consumers control over their financial data and promoting competition. Steve Boms, Executive Director of FDATA North America, was quoted in Yahoo Finance, emphasizing that “it’s ultimately up to the consumer—not the bank—to decide who can access their data.” FDATA North America supports these regulatory shifts as essential steps toward a consumer-centric financial ecosystem in North America. Learn more about the impact of #OpenBanking and #ConsumerRights. #Fintech #Section1033 https://lnkd.in/g5cTQFRK

As the Consumer Financial Protection Bureau finalises the long anticipated Personal Financial Data Rights Rule, on the other side of the Atlantic it’s great to see the new legislation that will underpin the Smart Data initiative be introduced into the UK Parliament. FDATA Global FDATA North America FDATA A&NZ FDATA LATAM

The determination in transforming the US #financial ecosystem with #openbanking is one worthy of rejoice! It has been a long and tough fight, but as the US awaits CFPB's Section 1033, our region director of FDATA North America, Steve Boms, reminds us how important it is to recognize the impact and dedication that has gone into paving its pathway this US Open Banking Week. To more opportunities, access, and privacy 🥂 https://lnkd.in/grA7CBtn

🇺🇸 The Consumer Financial Protection Bureau has finalised the Personal Financial Data Rights rule, which it said “moves” the US closer to “a competitive, safe, secure, and reliable” Open Banking ecosystem. "Today’s action will give people more power to get better rates and service on bank accounts, credit cards, and more," said Rohit Chopra, director of the CFPB. But, what does the industry make of the final Personal Financial Data Rights rule? 💬 Read on to find out what Steve Boms of FDATA North America, John Pitts, head of policy at Plaid and Alexandre Gonthier, founder and CEO of Trustly, Inc. (Previously PayWithMyBank) had to say. #openbanking #openfinance #financialservices #datasharing #financialdata #banking #accesstocredit https://lnkd.in/d52zEDi4

🎉 Congratulations to the Consumer Financial Protection Bureau (#CFPB) on a milestone achievement: http://spr.ly/6048qtbLG! Today marks a significant step forward as the CFPB announces the final Personal Financial Data Rights Rule, enacting the Dodd-Frank Act Section 1033, also known as #OpenBanking. This rule provides U.S. consumers with the legally-binding right to electronically share their own #FinancialData with third-party #FinancialServices providers of their choice. At #ByAllAccounts, we look forward to continuing to work with the CFPB to expand the scope of this rule to include brokerage, retirement, and annuity accounts. Until then, our mission remains the same—bridging the gap by offering safe and reliable access to the accounts consumers use for investing, funding education, and preparing for retirement. 🔗 Follow FDATA North America for more updates on the future of open finance! #MorningstarWealth #FDATANA #DoddFrank1033 #PersonalFinancialDataRightsRule #ConsumerRights #ThirdParty

A historic day for U.S. consumers and open finance! Today, FDATA North America celebrates the CFPB's final rule implementing Section 1033 of the Dodd-Frank Act, granting millions of Americans a legally binding right to access and share their financial data. This rule empowers consumers to take control of their financial lives, choose providers that best meet their needs, and drive a more transparent, competitive, and consumer-focused financial services marketplace. FDATA's Executive Director, Steve Boms, applauds this critical step, and we look forward to working with the CFPB to expand this framework to include additional accounts over time. 📢 Important Note: We urge the CFPB to include Electronic Benefit Transfer (EBT) data in future rules, ensuring the benefits of open finance reach lower-income households. Read more from industry leaders like Betterment, Morningstar Wealth Platform, Prism Data, Plaid, MX, Method, and Trustly on this transformational milestone in our full statement here: https://lnkd.in/eiP3fzXS #OpenBanking #Fintech #FinancialInclusion #ConsumerRights #CFPB #Section1033 #FDATANA

Today, FDATA North America submitted its official comment to the CFPB regarding the Financial Data Exchange (FDX) application for recognition as a standard-setting body under Section 1033. We commend FDX's efforts to establish a balanced, transparent, and inclusive framework that supports safe, consumer-permissioned data sharing. Our comment highlights the importance of ensuring small entities and other market participants have the opportunity to provide feedback on technical standards. Read more about our advocacy for collaborative standard-setting and its role in shaping the future of open finance. Also, please find our press release here: https://lnkd.in/e7yb9Ggg #OpenBanking #Fintech #FinancialInclusion #DataStandards"

Today, FDATA North America has officially submitted our comment letter on the prudential regulators' RFI on bank-fintech partnerships! Our letter emphasizes the vital role that these partnerships play in driving innovation, reducing costs, and expanding access to financial services for underserved communities. With millions of consumers and small businesses relying on fintech solutions, it's crucial that regulatory frameworks support these beneficial collaborations. We’re advocating for the agencies to align their oversight with the forthcoming CFPB Section 1033 rule, which will provide clear guidelines for consumer-permissioned data. By doing so, we can ensure a secure, consumer-centric ecosystem that fosters continued growth and competition in the financial services sector. Thank you to our members for their valuable insights in shaping a robust response. We look forward to continuing our work together to champion a more inclusive, innovative, and accessible financial future. Read our press release here: https://lnkd.in/eDnkYD6b #fintech #openfinance #banking #consumerdata #innovation #regulations #FDATANA