FDATA Statement on CFPB’s Motion Regarding Data Access Fees

Washington, DC, July 29, 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 released the following statement in the wake of the Consumer Financial Protection Bureau’s request for a stay in Forcht Bank, N.A. v. CFPB. 

“The CFPB’s decision to request a stay in litigation underscores, in light of recent market developments, that the agency must continue to scrutinize banks’ anticompetitive attempts to charge punitive fees to allow consumers to share access to their financial data. We’re glad the CFPB recognized that financial institutions will take advantage of regulatory uncertainty and that consumers must retain the right to access and share access to their own financial data,” said Steve Boms, Executive Director of FDATA.

FDATA looks forward to continuing to work with the CFPB and the Trump administration to protect and advance consumers’ financial data rights. Ensuring secure, cost-free access to one’s own data is critical to competition, innovation, and financial inclusion.