Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, August 21, 2025 – The Financial Data and Technology Association (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today responded to the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) release of its Advanced Notice of Proposed Rulemaking (“ANPR”) on Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).
Steve Boms, Executive Director of FDATA, released the following statement:
“We urge the Bureau to uphold its commitment to ensuring a competitive, innovative, and consumer-centric financial ecosystem. Consumers deserve meaningful control over their financial data, and strong, clear rules are essential to foster innovation, expand financial access, and enhance consumer choice. We are gratified that the Bureau is no longer entertaining arguments from the banking industry that the statutory definition of ‘consumer’ can be ignored. At the same time, we are concerned that the Bureau may be considering delaying implementation deadlines without consulting small businesses, particularly startups and small retailers, on how such delays could negatively impact their operations. The SBREFA process exists for precisely this type of consultation, and we urge the Bureau not to short-circuit it in ways that save the largest banks money but impose new costs on small businesses. We look forward to responding to the ANPR’s questions and engaging with the Bureau to advance policies that empower consumers and support the growth of safe, modern financial services across the country.”
FDATA’s recent leadership and engagement on Section 1033 includes:
- Publishing a “Myth vs. Fact” analysis debunking misleading claims from the big bank lobby about open banking and security.
- Joining with leading fintech, digital asset, and Main Street business trade associations in a joint letter to President Trump urging the Administration to uphold Section 1033.
- Partnering with more than 80 CEOs across fintech, crypto, and Main Street businesses to call on the Administration to block illegal consumer data access fees.
