Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, June 8, 2026 – The Financial Data and Technology Association (“FDATA”), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms, today submitted comments to the Ohio Division of Securities urging revisions to proposed Rule 1301:6-3-44 governing third-party access to investment account data.
While supporting the Division’s efforts to modernize its regulatory framework and promote innovation, FDATA raised concerns that several provisions in the proposal would allow custodians and plan sponsors to effectively override investor-authorized data access, creating barriers for consumers, advisers, and independent technology providers.
“Ohio has an opportunity to advance investor protection and innovation simultaneously,” said Steve Boms, Executive Director of FDATA. “However, investors—not custodians or plan sponsors—should determine who can access their financial information. The current proposal risks creating unnecessary gatekeepers that could limit consumer choice and competition.”
In its comments, FDATA urged the Division to remove proposed custodian notification and plan sponsor authorization requirements and to clarify provisions allowing custodians to restrict third-party access based on broadly defined cybersecurity and privacy standards. FDATA warned that, absent objective safeguards, these provisions could enable anticompetitive behavior and create significant compliance uncertainty for innovative firms seeking to serve Ohio investors.
FDATA remains committed to working with the Ohio Division of Securities to ensure the final rule protects investors while preserving competition, consumer choice, and financial innovation.
A full copy of the proposal is available here.
About FDATA
FDATA represents more than 30 financial technology companies and consumer-permissioned data access platforms across the United States and Canada. FDATA advocates for policies that empower consumers and small businesses to securely access and share their financial data to improve financial outcomes and drive innovation.
