FDATA in the News

Steve Boms was quoted in Banking Diveemphasizing that Congress clearly intended for consumers to have the right to securely share their financial data with third parties of their choice when it enacted Section 1033, and that this intent remains central to deploying open banking in the U.S. He argued that the plaintiffs’ and CFPB’s narrow reading of the law cannot be squared with its text or purpose, which was to promote competition in financial services.

Steve Boms was quoted in American Banker warning that if the CFPB rescinds the Section 1033 rule, it would reset the clock by four to five years and jeopardize the collaborative progress already made across the industry. He emphasized that while the rule isn’t perfect, 95% of it is broadly supported and critical to advancing consumer data rights and innovation.

Steve Boms was quoted in Banking Dive warning that vacating the existing rule and starting from scratch would prolong regulatory uncertainty and stall innovation in digital financial services. He emphasized that such a move would embolden incumbents to entrench legacy technologies instead of competing.

Steve, along with co-authored member companies Equitable Bank, Prism Data, and Inverite Insights Inc., was featured in The Hill Times calling on Canadian policymakers to move decisively on open finance. The piece outlined how economic uncertainty, from trade disruptions to rising costs, is hitting small businesses and consumers especially hard—and how a made-in-Canada open finance regime could provide meaningful relief. The op-ed urged the government to stop delaying and deliver a functional framework that allows Canadians to access more competitive, modern financial services.

Steve was quoted in American Banker warning that reopening the CFPB’s open banking rule would be a major setback if the CFPB started over by rescinding and reissuing another advance notice of proposed rulemaking. The CFPB under the Trump administration has already moved to negate rules issued under the Biden administration.

Steve was quoted in Bloomberg Law warning that reopening the CFPB’s open banking rule would “stall financial innovation and prolong uncertainty for both businesses and consumers in America.” The Trump administration is considering revisiting—or even vacating—the rule, which underpins Americans’ right to securely share their financial data with trusted fintechs.

Steve was quoted in Money explaining that debt settlement is best suited for individuals facing acute financial hardship and juggling multiple unsecured debts, noting that professional debt relief companies can often negotiate better outcomes thanks to their experience and creditor relationships. While debt settlement can significantly reduce what consumers owe, the article cautions that it also carries risks like credit score damage and growing balances if settlements aren’t reached.

Steve was mentioned in Open Banking Expo Canada, where he is scheduled to speak on June 26, 2026, highlighting FDATA North America’s advocacy for accelerating Open Finance and refining Canada’s Open Banking framework ahead of Budget 2025.

Steve was quoted in the The Logic, where he highlighted the irony of Canadian banks criticizing screen scraping as insecure while simultaneously using it themselves to power their own financial tools, underscoring the urgent need for open banking to provide a secure and standardized alternative.