FDATA in the News

The CFPB has taken its first step toward weighing in on a raging debate between upstart technology companies and banks over control of the financial data of millions of Americans.

There’s no PSD2-style law requiring banks in the US to share data with third-party payment apps, but the market is progressing as if there will be one, leaving some smaller banks at a disadvantage.

The financial technology and data aggregation communities have long advocated for the CFPB to issue a rule under Section 1033, asserting this is the key first step toward an open finance framework under which a consumer or small business is in full control of their financial data.

Financial services innovators are at risk of losing access to data that’s critical to their businesses if Congress passes a proposed data privacy bill or one of several like it.

If [Mastercard and Visa’s] deals are approved by regulators, the largest card networks will own two of the largest US data aggregators, which are companies that collect and feed bank customer data into fintech apps.

Mastercard announced on Tuesday it has entered into an agreement to acquire Finicity, a real-time financial data and insights access provider providing open banking tools – an area of growing importance for financial services firms

A conversation about consumer and small business protection in the COVID-19 era and beyond with FDATA’s Steve Boms and Fintech Growth Syndicate.

Approximately two-thirds of the U.S. population currently is being urged to stay home in the face of the COVID-19 pandemic. With their mobility restricted, housebound families have turned to apps to get them through this unprecedented period.

Technology can help by serving during times of hardship as the primary form of access to the financial services system for millions of individuals, families, and small businesses.