FDATA North America June 2025 Newsletter

by rebecca

FDATA North America Monthly Newsletter for June 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 Urges CFPB to Preserve Personal Financial Data Rights Rulemaking. On May 21, 2025, FDATA North America sent a letter to Acting CFPB Director Russell Vought urging the Bureau not to vacate the final rule implementing Section 1033 of the Dodd-Frank Act. The rule, finalized in October 2024, establishes a long-overdue framework for consumer financial data access. FDATA warned that rescinding the rule would stall innovation, increase market concentration, and delay the transition to secure data-sharing. “The Bureau should focus on refining the rule—not discarding years of progress,” said Steve Boms, Executive Director of FDATA North America. Read the full letter here.

FDATA North America Statement on CFPB Seeking to Vacate Section 1033 Rule. On May 23, 2025, FDATA North America released a statement expressing deep concern over the CFPB’s move to vacate the Section 1033 rule, warning it would delay critical consumer data rights and hinder financial innovation. The rule, finalized in 2024 after years of public input, was designed to give consumers secure access to their personal financial data and support a competitive open finance ecosystem. Executive Director Steve Boms urged the CFPB to build on existing progress rather than start from scratch, emphasizing the need for clarity and continuity as a new rulemaking begins. FDATA remains committed to working with the Bureau to ensure any future rule protects consumer choice, includes a broad set of accounts, and supports a modern, digital financial marketplace. Read the full statement here.

FDATA North America Rejects CFPB’s New Interpretation of Section 1033, Citing Trump Treasury’s Support for Third-Party Data Access. On May 30, 2025, FDATA North America released a statement strongly disagreeing with the CFPB’s claim that Section 1033 of the Dodd-Frank Act does not authorize consumers to share their financial data with third-party applications. Citing the Trump Administration’s 2018 Treasury report, FDATA emphasized that consumer-authorized third parties—such as data aggregators and fintech apps—are explicitly covered under the law. “The CFPB’s new position is a complete reversal of both the statutory language and long-standing intent,” said Steve Boms, Executive Director of FDATA North America. The association urged the court to uphold the final rule, noting that limiting access would undermine consumer choice, competition, and innovation in financial services. Read the full statement here.

Member News & Activity

FDATA North America was featured in American Banker responding to the CFPB’s decision to set aside the final Section 1033 rule, a move the association warned would delay long-overdue consumer data rights and disrupt years of regulatory and industry progress. In the article, Executive Director Steve Boms emphasized that vacating the rule would reset the clock by four to five years and undermine a widely supported framework aimed at giving consumers control over their financial data. He urged the Bureau to focus on refining the rule rather than discarding it, cautioning that abandoning the current approach would harm innovation, competition, and consumer protection in the digital financial ecosystem.

GoCardless published a press release announcing its new partnership with Policy Expert, one of the UK’s leading personal lines insurers, to support payments for its new pet insurance offering. The collaboration will enable customers to pay premiums monthly through GoCardless’ Direct Debit solution, giving them greater flexibility and a smoother experience. Policy Expert aims to automate its payment collection process, reducing administrative overhead and improving customer satisfaction. Both companies see this partnership as a step toward embracing open banking and expanding payment options for consumers.

Method posted a blog outlining a phased approach—crawl, walk, run—for lenders looking to improve approval rates, boost conversion, and offer larger loans using real-time financial data. The blog highlights how Method’s APIs allow lenders to access verified liability data from over 15,000 institutions without logins or redirects, enabling smarter underwriting, personalized offers, and seamless debt paydown. Case studies from Flexcar, Figure, and Aven demonstrate improved applicant approvals, reduced defaults, and increased loan values with minimal tech lift. Method’s tools empower lenders to modernize their lending flows while enhancing consumer experience and risk management.

Ozone API published a press release announcing a new partnership with ClearBank to accelerate global adoption of open banking. The collaboration combines Ozone API’s standards-compliant Open API platform with ClearBank’s real-time clearing and embedded banking capabilities, helping ClearBank deliver APIs that meet the highest regulatory standards across the UK and EU. This partnership supports ClearBank’s expansion into European markets and positions both companies to drive open finance innovation beyond basic compliance. Together, they aim to empower financial institutions with scalable, future-proof API solutions for the evolving global financial ecosystem.

Prism Data was featured in the Open Banker, where CEO Jason Rosen and General Counsel Noah Gold argued that vacating the CFPB’s open banking rule would directly contradict President Trump’s stated vision for digital financial leadership. They noted that Trump initiated the rulemaking during his first term and recently reaffirmed his support for open access and innovation through a new executive order. The piece warns that repealing the rule would harm consumers and small businesses by reducing competition, stalling innovation, and undermining core conservative principles like choice, property rights, and market competition. Rosen and Gold urged the administration to preserve and refine the rule—not scrap it—so the U.S. can remain a global leader in fintech.

Trustly was featured on PYMNTS, where Matthew Janiga discussed the future of Section 1033 and the growing momentum behind pay-by-bank in the U.S. Despite the CFPB’s move to potentially scrap the open banking rule, Janiga emphasized that market demand is driving rapid adoption, with major retailers expected to launch pay-by-bank options by Q4. As he put it, “Rule 1033 may die, but pay by bank won’t.”

FDATA Job Board

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

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

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

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

➡️ Government Relations, Lead @ Interac
https://tinyurl.com/7j47d8hv

Events and Submission Deadlines
Top