FDATA in the News

Steve was quoted highlighting that the new CFPB rule on consumer data significantly bolsters privacy protections by ensuring third-party consent is clear, time-bound, and restricts data use strictly to consumer-authorized purposes. He also emphasized that this rule is a crucial step towards creating a fairer, more competitive landscape in Open Banking, which will benefit consumers through lower fees and increased access to financial products.

Steve was quoted expressing support for the final rule, highlighting that it empowers consumers to control their financial data and choose providers that align with their needs. He also noted FDATA North America’s disappointment with the exclusion of Electronic Benefit Transfer (EBT) data from the rule.

Steve was quoted stating that the CFPB’s rule centers on giving consumers control, ensuring that it’s ultimately up to them—not the bank—whether to allow access to their financial data.

Steve was quoted as saying that Fidelity’s move is reminiscent of security concerns raised by the banking industry in the past, but noted that, in the traditional banking world, these issues were largely resolved through industry cooperation and the establishment of secure APIs.

Steve Boms was quoted saying that the debate is unlikely to explore nitty-gritty policy nuances, and that Harris may pursue a substantive conversation in an attempt to demonstrate superior command of the topic. He also noted that both candidates will frame their tax plans as efforts to boost the prospects of working-class and middle-income people.

Steve Boms was quoted as praising the CFPB’s new rule on open banking standard setters, stating that the CFPB should be applauded for “the thoroughness of the attributes they’ve laid out in this final rule,” and highlighting the framework’s recognition of balance, transparency, consensus, and due process in developing standards that will enhance consumer financial wellbeing.

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Steve Boms highlights that more than six years after the 2018 federal budget announced Canada’s intent to establish an open finance regime, significant progress is evident with Budget 2024’s detailed government-led plan aimed at empowering consumers and small businesses through comprehensive control over their financial data, aligning Canada with global leaders in consumer-driven finance.

Steve Boms describes how the CFPB’s proposed rule on personal financial data rights aims to transform the financial ecosystem by empowering consumers to securely share their financial data with third-party services, advocating for the expansion of covered accounts and reconsideration of data use policies to fully realize the rule’s potential for a more competitive and consumer-centric market.