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FDATA North America Statement on CFPB Seeking to Vacate Section 1033 Rule

Contact: Laine Williams, (202) 897-4757,  lwilliams@allonadvocacy.com 

Washington, DC, May 23, 2025 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today expressed deep concern regarding the Consumer Financial Protection Bureau (CFPB) seeking to “set aside” or vacate the Section 1033 rule which establishes protections for consumers to securely access their personal financial data and share it with the apps and services they choose. The rule, started under the first Trump Administration, implements Section 1033 of the Dodd Frank Act and has been viewed as a driver of innovation for the U.S. economy.

FDATA North America represents more than three dozen financial technology and open finance companies in the United States and Canada. FDATA North America members enable more than 100 million American consumers and thousands of companies to better manage their finances and do business in the digital age.

“Vacating the Section 1033 rule and restarting the process from scratch would delay critical consumer data rights and protections and curb meaningful financial innovation and competitiveness,” said Steve Boms, Executive Director of FDATA North America. “This action is at odds with the Administration’s stated goals of reaffirming American competitiveness and leadership in financial innovation. We urge the CFPB to avoid prolonged industry uncertainty.”

FDATA North America remains committed to working constructively with the CFPB to deliver a durable, secure, and competitive open finance ecosystem. However, today’s decision marks a troubling reversal after years of regulatory engagement and public input, including an Advance Notice of Proposed Rulemaking in 2020, a formal proposed rule in 2023, and a final rule issued in 2024.

“To the extent the administration is intent on starting the rulemaking over from scratch, the CFPB should build on the significant progress already made and quickly implement a Section 1033 rulemaking that ensures consumers have the right to utilize innovative, third-party tools to help them better manage their finances. During this time, we urge CFPB leadership to reaffirm that financial institutions and other data providers have an existing obligation under Section 1033 of the Dodd Frank Act to allow their customers to share personal account information with providers of their choosing, including payment initiation information, even as a new rulemaking commences.”

FDATA North America will continue to advocate for policies that protect consumers, foster competition, and ensure a secure, interoperable financial data ecosystem that meets the needs of a digital economy This includes encouraging the CFPB to include a broader set of covered accounts, such as investment, retirement, and Electronic Benefit Transfer accounts, under a new Personal Financial Data Rights rulemaking.

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FDATA North America Urges CFPB to Preserve Personal Financial Data Rights Rulemaking

Contact: Laine Williams, (202) 897-4757,  lwilliams@allonadvocacy.com 

Washington, DC, May 21, 2025 – The Financial Data and Technology Association of North America (“FDATA North America”), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today sent a letter to Acting Consumer Financial Protection Bureau (“CFPB” or “Bureau”) Director Russell Vought urging the Bureau not to seek to vacate the final rule implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“the Dodd-Frank Act”).

The CFPB’s final Personal Financial Data Rights rule, finalized in October 2024, provides a long-overdue framework to ensure consumers can access and share their financial data with the technology-based tools, products and services of their choice. While FDATA North America and its members have consistently supported enhancements to the rule, the association stressed that vacating the rule and starting over would be a step backward for both innovation and consumer rights.

In its letter, FDATA North America warned that seeking to vacate the rule “would severely hamper financial innovation, decrease market competition, and give more control to the largest banks in the country to thwart competitors.” It would also prolong regulatory uncertainty, delay the transition to secure data-sharing technologies like APIs, and undercut progress toward a more open and competitive financial ecosystem.

The letter noted that the final rule aligns with recommendations issued by the U.S. Department of the Treasury in 2018 under the first Trump Administration, which affirmed that Section 1033 of the Dodd-Frank Act applies to instances in which consumers authorize third parties—such as data aggregators and fintech providers—to access their financial data for improved financial services.

“Seeking to vacate the rule would send a troubling signal to innovators, investors, and consumers alike,” said Steve Boms, Executive Director of FDATA North America. “The Bureau should focus instead on refining the existing rule—not discarding years of progress and jeopardizing the future of consumer data access.”

FDATA North America urged the CFPB to address the administration’s concerns around regulatory overreach by amending, rather than vacating, the final rule.

FDATA North America’s members enable more than 100 million consumers across North America to securely access, use, and share their financial data. The association remains committed to working with the CFPB and all stakeholders to protect and advance consumer data rights.

A full copy of the letter is available here.

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FDATA North America May 2025 Newsletter

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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FDATA North America Statement on Mark Carney’s Election as Canada’s Prime Minister

Contact: Laine Williams, (202) 897-4757,  lwilliams@allonadvocacy.com 

Washington, DC, April 29, 2025 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today congratulated Mark Carney on his victory in the federal election and upcoming role as Canada’s next Prime Minister.

Steve Boms, Executive Director of FDATA North America, released the following statement:

“We congratulate Prime Minister-designate Carney on his election victory. As Canada prepares for a new chapter in federal leadership, we look forward to engaging with the incoming government on advancing open banking and open finance reforms.

Canada has a critical opportunity to modernize its financial services landscape—empowering consumers and small businesses with secure, transparent, and user-directed access to their financial data. With most G-20 nations already moving forward with open banking frameworks, we urge the new administration to make this long-overdue reform a top priority to enhance competition, financial inclusion, and innovation.

FDATA North America and its members stand ready to support the incoming Prime Minister and their team in building a modern, inclusive, and globally competitive financial ecosystem for all Canadians.”

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Mastercard announced as headline partner of Open Banking Expo USA 2025

London, New York, 2025 – Open Banking Expo is pleased to announce Mastercard is the headline partner of the inaugural Open Banking Expo USA 2025. The event will take place on June 26, in the bustling heart of New York.

Open Banking Expo USA offers an unmissable opportunity for leaders across America’s financial services spectrum, spanning banks, credit unions, cutting-edge fintech innovators, technology providers, and policymakers, to converge and map out an evolving future for consumer permissioned data sharing.

Visitors to the Expo can expect a packed agenda that explores real-world applications and offers valuable insights, delivered through expertly curated sessions, compelling case studies, and hands-on workshops.

Among the key themes to be explored during the one-day Expo are establishing consumer trust in data privacy, navigating regulatory complexity, and financial inclusion and access.

Additionally, the event promises to delve into the commercial possibilities within the payments sphere and anticipate the unfolding journey towards Open Finance in the US.

Bart Willaert, executive vice president, Open Banking, Americas at Mastercard, said: “Open Banking is transforming financial services, and the opportunities for growth are exponential. We look forward to convening at the Expo as we work together as an ecosystem to enable innovative and secure financial experiences that responsibly support all parties in the ecosystem.”

Adam Cox, co-founder and managing director of Open Banking Expo, said: “We are thrilled to make our debut in the US in 2025, and to welcome Mastercard as headline partner of Open Banking Expo USA.

“It is the perfect opportunity to bring together decision-makers and innovators. The Expo promises to be a landmark event that will shape the future of finance in the US.”

Find out more about Open Banking Expo USA and register to attend here.

END

NOTES TO EDITORS

Visit the event website with agenda and booking platform

Download Open Banking Expo’s logo

For more information, please contact Adam Cox:

E: adam.cox@openbankingexpo.com

M: +44 7825 295222

Follow us on LinkedIn and X; #OBExpo

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FDATA North America April 2025 Newsletter

FDATA North America Monthly Newsletter for April 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 Provides Input in Response to Canada’s 2025 Pre-Budget Consultation. On March 10, 2025, the Financial Data and Technology Association of North America (FDATA) submitted its response to the Canadian Department of Finance’s 2025 pre-budget consultation. In the submission, we urged the Department of Finance to: (1) deliver of open finance in Canada without delay; and (2) adjust the initial design of Canada’s open finance regime. FDATA North America encouraged the Government to prioritize delivering a comprehensive open finance regime to Canadian consumers and small- and medium-enterprises. We encouraged the Government to revise elements of its initial open finance regime to promote competition and innovation in Canada’s financial sector, including clearly providing for the inclusion of small- and medium-enterprises in the system, providing the Bank of Canada with the authority to oversee the system, and devising a tiered accreditation framework that will allow Canadian startups to come to market and flourish. Read the full comment here. Read the full release here.

FDATA North America Statement on François-Philippe Champagne’s Appointment as Minister of Finance. On March 18, 2025, the Financial Data and Technology Association of North America (FDATA) congratulated François-Philippe Champagne on his appointment as Minister of Finance of Canada. Steve Boms, Executive Director of FDATA, congratulated Minister Champagne on his appointment as Minister of Finance and looked forward to engaging with him on the critical issue of open finance. Read the full statement here.

FDATA Global and Open Banking Expo Announce Media Partnership to Advance Open Finance Awareness. On March 24, 2025, the Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today announced, along with Open Banking Expo, a media partnership to amplify industry engagement and discussions around Open Finance. The collaboration will support both organizations’ flagship events—the FDATA Global Open Finance Summit and Open Banking Expo’s regional summits—providing unparalleled coverage and expert insights to drive the conversation forward. Read the full release here.

Member News & Activity

Experian published a press release announcing the launch of Cashflow Score, a new solution aimed at enhancing credit decision-making by using consumer-permissioned transaction data. This tool provides a clearer view of an applicant’s financial behavior, offering up to a 25% improvement in predictive performance compared to traditional credit scores. It’s designed to be integrated with conventional credit scores, helping lenders make more informed decisions for both first and second-chance credit applicants. Experian positions itself as uniquely capable of providing both traditional and cashflow-based scoring solutions, supporting broader financial inclusion for underserved consumers.

Flinks announced a strategic partnership with Koxa, an ERP-banking provider specializing in treasury and commercial banking integrations. This collaboration aims to enhance ERP connectivity for Canadian financial institutions by integrating Koxa’s Treasury Gateway platform with Flinks’ extensive bank network, facilitating seamless connections to major ERP systems such as Microsoft Dynamics, NetSuite, Workday, and Sage. The partnership is expected to improve data access, reconciliation processes, and financial insights for banks serving enterprise and mid-market clients.

GoCardless published a press release announcing that Capital on Tap has selected it to provide Variable Recurring Payments (VRPs) through its open banking feature, Instant Bank Pay. This move builds on a decade-long relationship and will allow Capital on Tap’s small business customers to benefit from more flexible repayment options, including recurring and one-off payments using open banking. The integration of VRPs enhances payment convenience and user experience by enabling dynamic, real-time transactions through a secure open banking framework.

Trustly was featured in Fintech Takes by Alex Johnson, who discussed the growing trend of “Pay by Bank” payments. He highlighted how JPMorgan Chase is actively opposing payment initiation being included in the CFPB’s Open Banking rule, fearing it could boost Pay by Bank’s growth. The success of Pix, Brazil’s bank-to-bank payment system, serves as proof that Pay by Bank can effectively challenge traditional credit and debit card payments. With Open Banking infrastructure and partners like Trustly, Pay by Bank is poised to expand as merchants increasingly seek alternatives to reduce costs and gain deeper insights into their customers’ financial behaviors.

Events and Submission Deadlines

  • April 1, 2025, 10 a.m. ET — House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing entitled, “Following the Money: Tools and Techniques to Combat Fraud” (information here)
  • April 2, 2025, 10 a.m. ET — House Financial Services Committee, Markup of Various Measures (information here)
  • April 2, 2025 — Comments due on the CFPB’s “data broker” NPRM (information here)
  • April 9, 2025, 10 a.m. ET — House Financial Services Committee’s Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing entitled, “American Innovation and the Future of Digital Assets: Aligning the U.S. Securities Laws for the Digital Age”
  • April 11, 2025 — Comments due on CFPB request for information regarding the collection, use, and monetization of consumer payment and other personal financial data (information here)
  • April 21-22, 2025 — Financial Data Exchange Global Summit (information here)
  • April 29, 2025, 10 a.m. ET — House Financial Services Committee’s Financial Institutions Subcommittee hearing entitled “Regulatory Overreach: The Price Tag on American Prosperity”
  • May 5, 2025: FDATA 2025 Open Finance Summit, Washington, DC
    • Join us at the FDATA 2025 Open Finance Summit, where key policymakers, regulators, and industry leaders will convene to discuss the state of open finance and payment modernization, and share insights and lessons learned from around the globe.
    • Reserve your hotel room here; Rate Code: G-FDA3; Room Cutoff Date: April 4, 2025.
    • Want more information on sponsorship opportunities? Interested in speaking? Have questions? Contact: rmulholland@allonadvocacy.com
  • June 17, 2025: Open Banking Expo Canada, Toronto, Canada
  • June 26, 2025: Open Banking Expo USA, New York, New York City
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Symcor announced as headline partner of Open Banking Expo Canada 2025

London, Toronto, January 23, 2025: Open Banking Expo is pleased to announce Symcor as the headline partner of Open Banking Expo Canada 2025, which takes place on June 17 at the iconic MTCC in Toronto.

This is the first year Symcor is headlining Canada’s flagship Open Banking Expo after supporting it as an event partner in previous years.

Symcor is a leading technology provider of customer communications, payment, fraud detection and Open Banking services, offering industry expertise and secure solutions for every stage of its clients’ business evolution.

Canada’s only dedicated consumer-driven banking and Open Banking Show is expected to welcome more than 600 visitors through the doors of the MTCC, where over 80 speakers, including industry leaders, regulators, and innovators, will share their insights across three dynamic stages.

Given recent political developments in Canada and the government’s proposed 2026 launch for consumer-driven banking, the show provides a timely opportunity for the financial ecosystem to delve into regulatory alignment, technical infrastructure, and enriching consumer experiences aimed at empowering Canadians.

Canada’s Department of Finance released key components of the Open Banking framework in the 2024 Fall Economic Statement in December, encompassing participants, the breadth of data sharing, and functionality.

With the groundwork laid, attendees are invited to engage in critical discussions, share insights, and align strategies as Canada advances toward operational Open Banking.

Saba Shariff, Senior Vice President, Chief Strategy, Product & Innovakon Officer at Symcor, said: “At the core of Open Banking is the secure and efficient exchange of data, which drives innovation and better outcomes for consumers. Symcor’s COR.CONNECT platform bridges the gap for both data providers and recipients, enabling collaboration and compliance while reducing the complexity of getting Open Banking-ready.

“By working together with industry participants, we can scale Open Banking faster, more securely, and more cost-effectively, unlocking powerful use cases that benefit all Canadians.”

On the main stage panel at Open Banking Expo Canada 2024, Shariff explored strategies for mobilizing a Made-in-Canada Open Banking framework and what businesses can do to prepare and support their customers’ needs.

Adam Cox, Co-founder and Managing Director of Open Banking Expo, said: “We are thrilled to announce Symcor as this year’s headline partner for the first time, after years of steadfast support as an event partner.

“Open Banking Expo Canada 2025 is an unmissable opportunity to immerse yourself in incisive discussions, gain fresh insights, and align your strategies as Canada takes strides to implementing Open Banking. Be part of the dialogue that will shape the financial future of a nation.”

Find out more about Open Banking Expo Canada and register to attend here.

NOTES TO EDITORS

Register your interest in Open Banking Expo Canada 2025 here

For more information, please contact Adam Cox:

E: adam.cox@openbankingexpo.com

M: +44 7825 295222

Follow us on LinkedIn and X; #OBExpo

by rebecca rebecca No Comments

FDATA Global and Open Banking Expo Announce Media Partnership to Advance Open Finance Awareness

Contact: Laine Williams, (202) 897-4757,  lwilliams@allonadvocacy.com 

Washington, DC, March 24, 2025 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today announced, along with Open Banking Expo, a media partnership to amplify industry engagement and discussions around Open Finance.

The collaboration will support both organizations’ flagship events—the FDATA Global Open Finance Summit and Open Banking Expo’s regional summits—providing unparalleled coverage and expert insights to drive the conversation forward.

The FDATA Global Open Finance Summit, taking place May 5, 2025, in Washington, DC, convenes policymakers, financial institutions, fintechs, and regulators to shape the future of Open Finance across markets.

As Open Banking and Open Finance regulations continue to evolve globally, the summit will spotlight policy trends, consumer data rights, and emerging technologies.

Similarly, Open Banking Expo Canada and Open Banking Expo USA, scheduled for June 17, 2025, in Toronto, and June 26, 2025, in New York City, will gather leaders from across financial services to discuss Open Banking frameworks, data security, and innovation.

The media partnership ensures that insights, policy developments, and key takeaways from each event reach a global audience of industry stakeholders.

Steve Boms, Executive Director at FDATA North America, said: “This partnership is a natural step in strengthening global industry engagement on Open Finance. Both the FDATA Global Open Finance Summit and Open Banking Expo’s events serve as key platforms for fostering regulatory clarity, innovation, and collaboration.

“By working together, we can enhance industry dialogue and ensure that important discussions resonate across borders.”

Adam Cox, Co-founder and Managing Director of Open Banking Expo, added: “As Open Banking and Open Finance initiatives scale worldwide, we’re thrilled to partner with FDATA Global to elevate the voices of financial innovators, regulators, and thought leaders. Our joint coverage will help educate stakeholders and accelerate industry-wide progress.”

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FDATA North America Statement on François-Philippe Champagne’s Appointment as Minister of Finance

Contact: Laine Williams, (202) 897-4757,  lwilliams@allonadvocacy.com 

Washington, DC, March 18, 2025 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today congratulated François-Philippe Champagne on his appointment as Minister of Finance of Canada.

Steve Boms, Executive Director of FDATA, released the following statement:

“We congratulate Minister Champagne on his appointment as Minister of Finance. Given his commitment to innovation and his unique experience in delivering more innovation to Canada, we look forward to engaging with him on the critical issue of open finance. Canada has an opportunity to modernize its financial services ecosystem and empower consumers and small businesses with greater control over their financial data. With open banking already implemented or underway in nearly every other G-20 nation, we hope that Minister Champagne will prioritize this long-overdue reform to enhance competition, innovation, and financial inclusion in Canada.

We stand ready to work with Minister Champagne and his team to ensure that Canada moves forward with an open finance framework that benefits consumers, businesses, and the broader economy during this economically uncertain period.”

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FDATA North America Provides Input in Response to Canada’s 2025 Pre-Budget Consultation

Contact: Layne Dillon, (202) 897-4837,  ldillon@allonadvocacy.com

March 10, 2025, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing approximately three dozen financial technology organizations that provide consumers and small- and medium-enterprises with innovative financial products, services, and tools, today submitted its response to the Canadian Department of Finance’s 2025 pre-budget consultation.

In our submission, we urged the Department of Finance to:

  1. Hasten delivery of open finance in Canada: The implementation of consumer-driven finance in Canada has been plagued by delays. Amidst significant economic uncertainty, FDATA North America encouraged the Government to prioritize delivering a comprehensive open finance regime to Canadian consumers and small- and medium-enterprises.
  2. Adjust the initial design of Canada’s open finance regime: We encouraged the Government to revise elements of its initial open finance regime to promote competition and innovation in Canada’s financial sector, including clearly providing for the inclusion of small- and medium-enterprises in the system, providing the Bank of Canada with the authority to oversee the system, and devising a tiered accreditation framework that will allow Canadian startups to come to market and flourish.

A full copy of the comment is available here.