Open Banking
Consumers—not institutions—should control access to their financial data. FDATA has led advocacy in both the U.S. and Canada to ensure fair, secure, and competitive frameworks.
- United States: Defending Section 1033 of the Dodd-Frank Act, engaging with the CFPB, and pushing back against bank-imposed barriers.
- Canada: Supporting implementation of the Consumer-Driven Banking Act and advancing interoperability across provinces.
Related Press Releases
October 27, 2022 Washington, DC- Following today’s Consumer Financial Protection Bureau publication of proposals for the upcoming Small Business Regulatory Enforcement Flexibility Act (SBREFA) panel for the Dodd-Frank Section 1033 rulemaking, FDATA North America Executive Director Steve Boms released this statement.
April 4, 2022: A newly released joint survey of Canadian consumers and small businesses from FDATA NA and Paytechs of Canada shows about half of respondents report feeling stress when interacting with the financial services sector and two-thirds believe more market competition would lead to better choices. Large majorities also agreed that nonbank fintech apps are easy to use, have lower fees, and help save money.
FDATA NA’s analysis found several shortcomings in this paper, including incomplete definitions of open banking and proprietary data; failure to articulate the central role of regulatory leadership in well-implemented open banking frameworks; and incomplete discussion of the technological realities under which open banking solutions are currently delivered in the United States and in other jurisdictions across the globe. In our letter, we strongly and specifically described each of these concerns and encouraged NIST to appropriately revise this draft report.
No results found.
Resources
Open Banking
FDATA 1033 ANPR PFDR Comment Letter
Download