Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, March 17, 2026 – Steve Boms, Executive Director of 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 highlighted the importance of preserving consumer data rights and advancing secure, modern data-sharing frameworks during testimony before the U.S. House Financial Services Committee.
FDATA Executive Director Steve Boms testified at a hearing titled “Updating America’s Financial Privacy Framework for the 21st Century,” where policymakers and industry stakeholders examined potential updates to the Gramm-Leach-Bliley Act (“GLBA”) and the future of financial data privacy in the United States.
In his testimony, Boms underscored that consumers and small businesses should have the ability to securely access, use, and share their financial data with the services and providers of their choice. He emphasized that modern financial services are increasingly powered by consumer-permissioned data and that policy frameworks must reflect how individuals engage with financial tools today. He further stressed that “consumer consent should rule the day” in any modern privacy framework.
“Consumers are best positioned to decide how their financial data should be used,” said Boms. “When provided with clear and conspicuous disclosures, individuals can weigh the benefits of sharing their data against the services they receive. Policymakers should ensure that this choice remains at the center of any modernized privacy framework.”
Throughout the hearing, Boms stressed the importance of a technology-neutral regulatory framework that can evolve alongside innovation. He noted that the original drafters of GLBA could not have anticipated today’s digital ecosystem, and similarly, policymakers must design rules that can accommodate future developments, including advancements in artificial intelligence and data-driven financial services.
Boms further emphasized that any federal privacy framework should prioritize consumer control, transparency, and clear rules of the road for data sharing. He noted that a well-designed national framework can support competition, expand access to financial services, and provide consistency for both consumers and providers operating across state lines.
FDATA continues to work with policymakers, regulators, and industry stakeholders to advance policies that promote secure, consumer-permissioned data access, innovation, and financial inclusion.
