FDATA in the News

The Financial Data and Technology Association (FDATA) has launched its North American arm.

Across North America, policymakers, fintech companies, and financial services firms are finally beginning an earnest dialogue about open banking. The Senate Banking Committee recently touched on the issue at a Sept. 18 hearing – one of the first official discussions in the halls of Congress.

The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today the launch of a North American arm, FDATA North America.

It’s about as nerdy as it gets in fintech and digital banking. But the way you share your bank information with popular fintech apps is evolving – and it marks one of the most significant changes in how you manage your money digitally.

Regulators in the US are struggling to keep up with the rate of technology innovation sweeping financial services. Between technology startups and traditional firms looking to use blockchain and nontraditional companies entering finance, regulators around the world are reassessing existing frameworks.

The Treasury Department recently released its blueprint for regulating financial technology, a sweeping document that could influence policy in the emerging industry for years to come.

The US Treasury Department has called for a radical overhaul of financial technology regulation, backing a new national fintech charter, the introduction of sandboxes, and the opening of access to consumer data.

It’s been a long and winding road – politically- since the Obama-era Department of Labor (DOL) finalized its fiduciary rule in June 2016. Full of soap opera-esque twists and turns, many believe the Fifth Circuit Court of Appeals’ decision to kill the DOL rule means the end could be in sight.

Plaid Technologies’ public effort to blame Capital One after a security upgrade blocked the data aggregator from accessing customer data appears to have backfired. Other data aggregators have distanced themselves from the protest, nothing they have been unaffected and even speaking out in defense of the bank.