FDATA North America May 2025 Newsletter

by rebecca

FDATA North America Monthly Newsletter for May 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 Mark Carney’s Election as Canada’s Prime Minister. On April 29, FDATA North America congratulated Mark Carney on his election victory and upcoming role as Canada’s next Prime Minister. In a statement from Executive Director Steve Boms, FDATA emphasized the importance of prioritizing open banking and open finance reforms to modernize Canada’s financial services landscape. With most G-20 nations already advancing such frameworks, the association urged the new administration to act swiftly to promote competition, financial inclusion, and innovation. FDATA and its members stand ready to support the incoming government in building a secure, inclusive, and globally competitive financial ecosystem. Click here to read the full release.

Member News & Activity

FDATA North America, along with co-authored member companies Equitable Bank, Prism Data, and Inverite Insights Inc., was featured in The Hill Times calling on Canadian policymakers to move decisively on open finance. The piece outlined how economic uncertainty, from trade disruptions to rising costs, is hitting small businesses and consumers especially hard—and how a made-in-Canada open finance regime could provide meaningful relief. The op-ed urged the government to stop delaying and deliver a functional framework that allows Canadians to access more competitive, modern financial services.

FDATA North America was mentioned in Bloomberg Law in coverage of the Trump administration’s potential move to reopen or vacate the CFPB’s open banking rule. The article highlighted concerns from industry leaders that revisiting the rule would delay progress on consumer data rights and fintech innovation. FDATA North America’s Executive Director, Steve Boms, warned that “reopening this rulemaking means stalling financial innovation and prolonging uncertainty for both businesses and consumers in America.” The rule, finalized in 2023, is now at risk amid litigation and sweeping cuts at the CFPB.

FDATA North America was mentioned in American Banker in response to reports that the CFPB may rescind and reissue its Section 1033 rule under the Trump administration. Steve Boms, the group’s executive director, warned that resetting the rulemaking process would be a significant setback for the industry. “If the CFPB rescinds the rule and goes back to an ANPR, they’re basically resetting the clock four or five years,” Boms said, adding that such a move would jeopardize the collaborative progress already made.

GoCardless announced that it is joining 30 other UK financial services firms to support a new open banking entity focused on advancing Variable Recurring Payments (VRPs) for commercial use cases. The group, which includes fintechs, banks, and payment providers, will fund and lead the initial phase of this initiative.

Prism Data was featured in American Banker in an op-ed authored by Jason Rosen and Noah Gold, highlighting how President Trump’s administration laid the groundwork for open banking in the United States through the 2018 Treasury report and the 2020 Section 1033 ANPR. The piece argued that with the recently finalized CFPB rule and Trump’s January 2025 Executive Order on digital financial technology, the U.S. has a unique opportunity to cement its leadership in financial innovation. It outlines policy recommendations to streamline implementation, prohibit data access fees, and expand the use of de-identified data to spur innovation and economic opportunity. The op-ed underscored that open banking is not a partisan issue—it’s a path to greater competition, consumer choice, and global leadership.

FDATA Job Board

➡️ Governance Risk Management and Compliance Manager @ Envestnet | Yodlee
https://lnkd.in/eBx5rJAs

➡️ Policy Manager @ Plaid
https://lnkd.in/ecCu9SaK

➡️ Marketing Coordinator, Regulatory @ Betterment
https://lnkd.in/efwnXxHm

➡️ Senior Partnerships Manager @ Sumsub
https://lnkd.in/efqJb-SB

➡️ Product Compliance Advisor @ Xero
https://lnkd.in/e7etkTCf

➡️ Regulatory Affairs Director @ Experian
https://tinyurl.com/3sesr58b

Events and Submission Deadlines
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