Financial Services
FDATA actively engages with regulators to shape frameworks that empower consumers and safeguard markets.
Engagement includes:
- CFPB (U.S.): Supervision of non-bank markets and competition issues
- OCC, FDIC, Federal Reserve (U.S.), TPRM: Oversight of bank–fintech partnerships and payments.
- Finance Canada: Implementation of consumer-driven banking and open finance policies.
- OSFI (Canada): Third-party risk management and prudential oversight.
- FTC, SEC (U.S.): Data privacy and competition policy
Related Press Releases
June 29, 2021, Washington, DC - Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the US financial regulators as part of their Request for Information (RFI) on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (NCUA), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) sought comments on the use of AI by financial institutions and their products and services to consumers.
November 17, 2020, Washington, DC - In response to ongoing discussions by large U.S. financial institutions and some policymakers to impose a mandatory 90-day reauthentication requirement for customers wishing to utilize third-party financial tools, the Financial Data and Technology Association (FDATA) of North America today released a paper that outlines the detrimental impact this requirement would have based on the real-world experience of consumers in the European Union and United Kingdom whose access to financial technology tools is hindered by a similar requirement.
As the Department of Finance enters the second phase of its consultative process, FDATA North America provided several suggestions that should act as a guide for the deployment of a successful open finance regime, gleaned from experience in other markets.
No results found.