February 25, 2020, Washington, DC – FDATA North America has submitted remarks to the Consumer Protection Financial Bureau (CFPB) in advance of tomorrow’s symposium on Consumer Access to Financial Records. FDATA North America’s Executive Director Steve Boms will provide remarks on the difficulty that consumers and small businesses experience in connecting their financial institution accounts with the third-party tools of their choice in the United States on both an initial and recurring basis, noting that “we believe the critical first step towards an open finance framework is the promulgation by policymakers of a consumer and small business financial data right.”
February 20, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding The Clearing House’s acquisition of Akoya:
“The Clearing House is a banking association and payments company that is owned by the world’s largest commercial banks. Its purchase of Akoya, a data aggregation firm founded by one of America’s largest investment firms, represents a significant potential threat to competition and innovation in financial services technology, as well as to consumers’ ability to obtain personalized financial services from providers they’ve selected as best suited to help them. If the new entity is allowed to consolidate and control consumer financial data, it will potentially prevent other third parties from accessing that data even if individuals and small businesses permission that access, by giving their consent for their data to be shared.
“Consumers’ and small businesses’ rights to access, use and control their financial data are threatened by this merger. FDATA North America and its members are committed to implementing consumer-centric open finance technology and services that promote financial inclusion and that improve the financial well-being of American families and small businesses. We believe this purchase will not advance either goal and serves only to underscore the need for the Consumer Financial Protection Bureau (CFPB) to assert its authority under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to promulgate a legal right for consumers and small businesses to control their financial data.”
ABOUT FDATA NORTH AMERICA FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (the Alliance for Innovative Regulation), Betterment, Envestnet Yodlee, FGS, Flinks, Intuit, Kabbage, Lendified, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, Petal, Plaid, The ID Co., TransUnion, Trustly, VoPay, Wealthica and others.