FDATA North America Statement on the CFPB ANPR on Dodd-Frank 1033
Contact: Kerrie Rushton, (202) 365-6338, [email protected]
October 22, Washington, DC – Steve Boms, Executive Director of the Financial Data and Technology Association (FDATA) of North America released the following statement regarding the Consumer Financial Protection Bureau’s advanced notice of proposed rulemaking (ANPR) on Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act:
“This day certainly is a welcome one for consumers and small businesses. Congress gave the CFPB the power a decade ago to ensure Americans have a uniform right to access and use their financial data however they see fit, and today the Bureau is a step closer to asserting that right. If adopted, a rule implementing Section 1033 of the Dodd-Frank Act would be a major building block toward a consumer-centric open finance ecosystem in the United States.
“In any open finance system, consumer protection and security are paramount, which is why every market globally with an open finance framework has a legally binding data right as its centerpiece. We encourage the CFPB to fully utilize its Section 1033 authority to create a consumer financial data right to allow consumers and small businesses to have unrestricted access to technology-based tools that can help them improve their financial wellbeing.”
ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fintech Growth Syndicate, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, ValidFi, VoPay, Wealthica, Xero, and others.