FDATA North America Monthly Newsletter for March 2025
Welcome to FDATA North America’s monthly newsletter! These regular dispatches will share developments from our organization and our 30+ member companies, all of which are promoting financial access and inclusion with open finance use cases. We also include a list of upcoming industry events, and coverage of any market developments that impact fintech innovators. Know someone who’d like to receive these monthly updates? Send them here to sign up.
FDATA North America News
FDATA North America Statement on the Designation of Treasury Secretary Scott Bessent as Acting Director of the CFPB. On February 3, 2025, the Financial Data and Technology Association of North America (FDATA) welcomed the appointment of Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). Steve Boms, Executive Director of FDATA North America, released the following statement: “Acting Director Bessent takes the helm at a crucial moment for financial data access and consumer protection. As the CFPB moves toward finalizing the implementation of Section 1033, we urge the Bureau to uphold its commitment to ensuring a competitive, innovative, and consumer-centric financial ecosystem. We look forward to engaging with Acting Director Bessent and his team to advance policies that empower consumers and support financial inclusion.” Read the full statement here.
FDATA North America Submits Comments to the CFPB’s NPRM on the Fair Credit Reporting Act. On February 24, 2025, the Financial Data and Technology Association of North America (FDATA) submitted comments to the CFPB opposing the misclassification of consumer-permissioned open finance platforms as CRAs under the FCRA. The proposed rule creates regulatory contradictions with the CFPB’s Section 1033 rule, adds compliance burdens, and risks limiting consumer choice. FDATA urges the CFPB to exclude these platforms from Regulation V or rescind the proposal to avoid disrupting consumer-permissioned data access. Read the full release here. Read the full letter here.
Member News & Activity
Basis Theory published a blog on how merchants can migrate to a new payment processor without disruptions. The post highlights common migration challenges, such as transferring stored customer payment data, and explains how using a third-party tokenization service provider (TSP) like Basis Theory can simplify the process. By securely storing cardholder data in a programmable vault, merchants can seamlessly switch between PSPs, avoid excessive fees and delays, and even implement a multi-processor strategy for cost savings and improved transaction success.
GoCardless’s Lewis Turek, General Manager of North America, was featured on the latest episode of What the FinTech? to discuss the evolving digital payments landscape in North America. He joins FinTech Futures editor Paul Hindle to explore how businesses in the region manage payments differently than those in the UK and Europe, the challenges of adopting new payment methods, and how GoCardless is driving innovation. Plus, Lewis shares which fintech buzzword he’d lock away in Fintech Jail!
Method published a blog on the transformative power of bank-fintech partnerships and how they drive financial innovation and inclusion. These collaborations combine the infrastructure of traditional banks with fintech agility, enabling use cases such as reducing the cost of credit, facilitating debt repayment, and delivering real-time financial insights. Method’s platform bridges the gap between financial institutions and consumers, ensuring secure, scalable solutions that empower individuals to manage their finances effectively.
Plaid was recognized on the Forbes Fintech 50 list for the 10th consecutive year. Over the past decade, finance has evolved, and we’re proud to continue driving innovation in payments, credit, and fraud prevention. Congratulations to our customers and partners who were also recognized—here’s to shaping the future of finance together.
Trustly was featured in a report highlighting the growing adoption of Open Banking in the travel sector, with a 230% increase in spending via Pay by Bank in the UK compared to last year. As airlines and hotel providers seek to reduce fraud risk, cut processing fees, and improve cash flow, Open Banking is becoming a key payment option alongside traditional cards. Trustly’s expansion into the U.S. through partnerships like Spreedly signals further momentum, despite challenges from established payment giants.
VoPay published a blog on the critical role of payment automation in property management software, highlighting how automation streamlines operations, ensures compliance, and enhances scalability. As property managers handle increasing transaction volumes, automated solutions reduce manual workloads, prevent payment delays, and improve financial transparency. By embedding payment automation tools, platforms can offer seamless compliance, flexible payment methods, and scalable solutions that drive efficiency and growth.
Events and Submission Deadlines
- March 7, 2025: Fair Credit Reporting Act (Regulation V); Identity Theft and Coerced Debt Comment Letter Due Date
- March 11, 2025, 10 a.m. ET — HFSC hearing titled, “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stable coins and Consequences of a U.S. Central Bank Digital Currency”
- March 25, 2025, 10 a.m. ET — HFSC Capital Markets Subcommittee hearing titled, “Beyond Silicon Valley: Expanding Access to Capital Across America”
- March 26, 2025, 10 a.m. ET — HFSC Financial Institutions Subcommittee hearing titled, “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections”
- March 31, 2025 — Comments due on CFPB on digital payment privacy and consumer protection proposed rule (information here)
- March 31, 2025 — Comments due to the HFSC on improving investor access and capital formation (information here)
- April 2, 2025 — Comments due on the CFPB’s “data broker” NPRM (information here)
- April 11, 2025 — Comments due on CFPB request for information regarding the collection, use, and monetization of consumer payment and other personal financial data (information here)
- April 21-22, 2025 — Financial Data Exchange Global Summit (information here)
- May 5, 2025: FDATA 2025 Open Finance Summit, Washington, DC
- Join us at the FDATA 2025 Open Finance Summit, where key policymakers, regulators, and industry leaders will convene to discuss the state of open finance and payment modernization, and share insights and lessons learned from around the globe.
- Reserve your hotel room here; Rate Code: G-FDA3; Room Cutoff Date: April 4, 2025.
- Want more information on sponsorship opportunities? Interested in speaking? Have questions? Contact: [email protected]