Contact: Laine Williams, (202) 897-4757, [email protected]
Washington, DC, October 28, 2024 – The Financial Data and Technology Association of North America (“FDATA North America”), a trade association representing more than three dozen financial technology and open finance companies, today submitted additional comments to the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) requesting a careful and comprehensive review of the Financial Data Exchange’s (“FDX”) application for recognition as a standard-setting body (“SSB”) following the Bureau’s finalization of its Personal Financial Data Rights rulemaking last week and litigation filed by the Bank Policy Institute (“BPI”), challenging the Bureau’s statutory authority to do so.
FDATA North America’s additional comments raised additional considerations for assessing potential conflicts of interest in FDX’s governance, noting that eight BPI board members are also FDX board members.
In the letter, FDATA North America also stressed that FDX has previously advocated for the CFPB to oversee key areas, such as setting API performance metrics, creating data breach liability frameworks, and establishing technical certification standards. With these functions absent from the CFPB’s final Section 1033 rule, FDATA North America called for additional scrutiny of FDX’s ability to fulfill these roles effectively and independently.
A full copy of the letter is available here.