FDATA in the News

This Bloomberg article on a petition from various US banking trade associations urging the CFPB to supervise both data aggregators and recipients features a statement from Steve Boms on behalf of FDATA NA.

In this article on the CFPB’s progress on the Section 1033 rulemaking, Steve Boms describes the FDATA NA position that data aggregators should fall under CFPB supervision.

In this Op-Ed, Steve Boms urged the CFPB to finish a long-overdue rule to implement Section 1033 of the Dodd-Frank Act, which would empower Americans to share their financial data with the 3rd-party providers of their choice.

FDATA North America is quoted in this Betakit article applauding the long-awaited appointment of an Open Banking Lead in Canada.

Steve Boms is quoted in this article from Forbes, which compares the state of open banking and the fintech industry on both sides of the Atlantic.

In an episode of the Fintech Impact podcast, host Jason Pereira speaks with FDATA North America’s Steve Boms about the fintech landscape in Canada and the United States and the importance of open banking for financial competition, technological innovation, consumer protection and data security, and payments modernization.

The CIOSC will release a draft of its minimum viable framework for consumer-directed finance around the end of 2021. But some involved in the process say it has become yet another venue for the ongoing power struggle between banks and fintechs over the future of open banking.

“We have come together united in support of the full implementation of phase one and two recommendations of the advisory committee on open banking and to respectfully request your public support for the same,” the groups state.

The job is still vacant six months after a federal advisory committee first recommended creating the position – a delay that has raised questions about the Liberal government’s ability to meet the committee’s recommendation to implement open banking by January 2023.