FDATA in the News

Steve was featured in Electronic Payments International, where he highlighted Canada’s plan to pair real-time payments with a comprehensive open banking regime under Bank of Canada supervision. He noted that aligning the Real-Time Rail with open banking reflects models used successfully in the UK and Europe. Steve emphasized that this approach has the potential to significantly enhance competition and innovation across Canada’s financial services market.

Steve was featured on Marketplace Morning Report discussing why the CFPB’s Open Banking Rule is now in limbo. He explained how the rule gives consumers the ability to share their financial data with apps they choose. Rolling it back could limit choice and increase costs for everyday financial tools.

Steve was featured in The Canadian Press highlighting that Canada’s move toward consumer-driven banking is not just open banking, but a broader open finance framework that includes investments and mortgages. He noted that current political alignment and a strong push for competition make this effort feel meaningfully different from past attempts, with Canada positioned to go further than many other countries.

Steve was quoted in Payments Dive stressing that Dodd–Frank does not permit banks to charge fees for customer-permissioned data access, calling those charges “a competitive toll on consumers simply for exercising their right to access and share their own financial information.” He cautioned that allowing such fees in a revised CFPB rule would shift control of financial data away from consumers and toward already powerful incumbents, undermining the goals of open banking.

Steve was featured discussing Canada’s open banking framework and how the 2025 federal budget finally puts the country on a path toward true consumer-driven finance. He emphasized that open banking is the “rails” for innovation — giving Canadians more control over their financial data, boosting competition for smaller institutions, and aligning Canada with other G7 markets. Steve also highlighted the importance of shifting oversight to the Bank of Canada to ensure a scalable, risk-based framework that supports both consumer protection and industry growth.

Steve was featured in The Paypers, where he highlighted last week’s landmark step by Canada to advance its Consumer-Driven Banking framework. While Canada moves forward on Open Banking, the US is still debating whether Americans should be able to access their own financial data without fees. Steve underscores why protecting Section 1033 is essential for US competitiveness and consumer choice.

Steve was quoted in the article welcoming the announcement as a major step forward for consumer-driven banking in Canada. He said the government’s decision to streamline oversight under the Bank of Canada and commit to “write access” marks real momentum toward giving Canadians and small businesses secure, reliable, and affordable ways to access and share their financial data. Steve added that FDATA looks forward to working with the Department of Finance, the Bank of Canada, and the wider industry as Canada’s open finance framework advances toward implementation.

Steve was quoted emphasizing that the growing push by big banks to collect tolls on consumers’ data directly violates their statutory right under Section 1033 of the Dodd-Frank Act to access and share their financial information freely and securely. He added that consumers should not have to pay simply to exercise a right that Congress has already guaranteed.

Steve was quoted in Geopolitical Intelligence Services saying that Chase’s new data access fees would cost fintech firms between 60% and, in some cases, more than 100% of their annual revenue—just to access data from a single bank. He and other industry leaders warned the move was a deliberate attempt to crush competition, tax innovation, and re-consolidate power within the banking sector.