Section 1033

by rebecca rebecca No Comments

FDATA North America Responds to US CFPB ANPR on Consumer Access to Financial Records

February 3, 2021, Washington, DC – Today, FDATA North America submitted comments to the US Consumer Financial Protection Bureau (CFPB) in response to its Advanced Notice of Proposed Rulemaking (ANPR) regarding consumer access to financial records, or Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In the submission, FDATA North America Executive Director Steve Boms praised the CFPB for formally beginning the process of crafting a rule in this critically important area following many years of careful examination of the customer-permissioned data access and financial services ecosystems. “FDATA North America strongly supports the authority given to the CFPB by Congress in 2010 to promulgate, by rule, a consumer financial data right that will spur greater financial services innovation and competition and improve consumer financial access and inclusion,” Boms noted.

Boms concluded the association’s submission by encouraging the Bureau “to fully utilize its Section 1033 authority to create a customer financial data right to allow consumers and small businesses to have unrestricted access to technology-based tools that can help them improve their financial wellbeing, along with other important bedrocks of an open finance regime.”

Image result for paperclip iconFDATA North America CFPB ANPR Submission


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fintech Growth Syndicate, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, ValidiFI, VoPay, Wealthica, Xero, and others.

by rebecca rebecca No Comments

FDATA North America Statement on the CFPB ANPR on Dodd-Frank 1033

FDATA North America Statement on the CFPB ANPR on Dodd-Frank 1033

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

October 22, Washington, DC – Steve Boms, Executive Director of the Financial Data and Technology Association (FDATA) of North America released the following statement regarding the Consumer Financial Protection Bureau’s advanced notice of proposed rulemaking (ANPR) on Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

“This day certainly is a welcome one for consumers and small businesses. Congress gave the CFPB the power a decade ago to ensure Americans have a uniform right to access and use their financial data however they see fit, and today the Bureau is a step closer to asserting that right. If adopted, a rule implementing Section 1033 of the Dodd-Frank Act would be a major building block toward a consumer-centric open finance ecosystem in the United States.

“In any open finance system, consumer protection and security are paramount, which is why every market globally with an open finance framework has a legally binding data right as its centerpiece. We encourage the CFPB to fully utilize its Section 1033 authority to create a consumer financial data right to allow consumers and small businesses to have unrestricted access to technology-based tools that can help them improve their financial wellbeing.”


ABOUT FDATA NORTH AMERICA

FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fintech Growth Syndicate, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, ValidFi, VoPay, Wealthica, Xero, and others.

Top