Financial Data and Technology Association of North America

by rebecca rebecca No Comments

FDATA North America Rejects CFPB’s New Interpretation of Section 1033, Citing Trump Treasury’s Support for Third-Party Data Access

Limiting third-party access would undermine consumer choice, reduce competition, and stall innovation in financial services.

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

Washington, DC, May 30, 2025 – The Financial Data and Technology Association (FDATA) of North America, a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today strongly rejected the Consumer Financial Protection Bureau’s (CFPB) claim that Section 1033 of the Dodd-Frank Act does not authorize consumers to share their financial data with trusted third-party applications.

This position, presented in a federal court filing aimed at vacating the Section 1033 final rule, stands in direct contradiction to the policy direction laid out in the Trump Administration’s 2018 Treasury report, A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation.

In that report, Treasury unambiguously recommended that: “For purposes of Section 1033, third parties properly authorized by consumers, including data aggregators and consumer fintech application providers, fall within the definition of ‘consumer’ under Section 1002(4) of Dodd-Frank for the purpose of obtaining access to financial account and transaction data.” (p. 197)

Treasury further noted that interpreting Section 1033 narrowly—applying only to direct consumer access—would “do little to advance consumer interests by eliminating many of the benefits they derive from data aggregation and the innovations that flow through from fintech applications.” (p. 31)

In other words, the Trump administration has previously asserted that third-party access is not only contemplated under the statute but is essential to achieving the law’s purpose.

“The CFPB’s new position is a complete reversal of both the statutory language and the intent that has guided policymakers across administrations,” said Steve Boms, Executive Director of FDATA North America. “The 2018 Trump Treasury clearly acknowledged that consumer-authorized third parties—such as data aggregators and fintech apps—are fully covered under Section 1033 of the Dodd-Frank Act. Attempting to alter this well-established principle now is not just legally suspect, it’s a dangerous step backwards for consumers.”

The 2018 Treasury report also identified the need to eliminate regulatory and legal uncertainty, stating:

“Treasury makes numerous recommendations that would improve consumers’ access to data and its use by third parties that would support better delivery of services in a responsible manner… The U.S. market would be well served by a solution developed in concert with the private sector that addresses data sharing, standardization, security, and liability issues.” (p. 10)

These recommendations directly counter the CFPB’s most recent posture, which seeks to limit consumer data rights and halt a rule that has been years in the making.

FDATA urges the court to uphold the final rule and preserve a regulatory framework that reflects the bipartisan and pro-consumer spirit of Section 1033. Consumer-authorized third-party access to financial data is foundational to competition, innovation, and consumer choice in financial services—and must not be discarded.

by rebecca rebecca No Comments

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.

by rebecca rebecca No Comments

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.

by rebecca rebecca No Comments

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.”

by rebecca rebecca No Comments

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

by rebecca rebecca No Comments

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.”

by rebecca rebecca No Comments

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.”

by rebecca rebecca No Comments

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.

by rebecca rebecca No Comments

FDATA North America Submits Comments to the CFPB’s NPRM on the Fair Credit Reporting Act

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

Washington, DC, February 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 submitted comments in response to the Consumer Financial Protection Bureau’s (“CFPB”) Notice of Proposed Rulemaking (“NPRM”) on the Fair Credit Reporting Act (“FCRA”).

In the letter, FDATA North America expressed concern that the proposed rule would inappropriately classify consumer-permissioned open finance platforms and financial providers as consumer reporting agencies (“CRAs”), creating consumer confusion and regulatory contradictions with the CFPB’s recently finalized Section 1033 rule. FDATA North America warned that this misclassification could impose unnecessary regulatory burdens, create legal uncertainty, and hinder financial innovation without providing any additional consumer protections.

The submission urged the CFPB to explicitly exclude consumer-permissioned open finance and financial providers platforms governed under the Bureau’s Section 1033 rulemaking from the proposed changes to Regulation V. FDATA North America also highlighted that the NPRM’s expanded definitions of data assembly and de-identified data could inadvertently subject a broad range of financial service providers—including data analytics firms and financial software providers—to CRA regulations, despite their activities not aligning with traditional credit reporting functions or Congress’ intended application of the Fair Credit Reporting Act (“FCRA”).

FDATA North America asserted that the CFPB’s final Section 1033 rule already establishes clear consumer protections and regulatory guidelines for authorized third-party financial data access. Applying the FCRA to consumer-permissioned open finance platforms would introduce conflicting compliance requirements, increase liability risks, and undermine the principles of consumer control and transparency that the CFPB has sought to promote through its open banking framework.

Given these concerns, FDATA North America recommended that the CFPB revise the proposed rule to remove consumer-permissioned open finance platforms and financial providers from its scope. If these revisions cannot be made, we strongly advised rescinding the proposal to prevent disruptions to existing consumer-permissioned data access models.

A full copy of the letter is available here.