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FDATA North America Submits Comments to US FDIC on Standard Setting and Voluntary Certification Models for Third-Party Providers

FDATA North America Submits Comments to US FDIC on its Request for Information on Standard Setting and Voluntary Certification Models and Third-Party Providers of Technology and Other Services

September 21, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Federal Deposit and Insurance Corporation (FDIC) in response to its Request for Information (RFI) on standard setting and voluntary certification models and third-party providers of technology and other services.

In its comments, FDATA North America praises the FDIC for its support of innovative technology and efforts to enable FDIC-supervised banks and savings associations to utilize technology that will provide their customers with tools and services that can be transformative to their financial health. FDATA North America Executive Director Steve Boms noted that “as the trade association representing firms that currently partner with many small and community banks to provide critical financial wellness tools to millions of Americans, we believe that streamlining the ability for banks to partner with third-party providers will be critical to the survival of small and community banks in the United States and to the financial wellness of their customers.”

Image result for paperclip iconFDATA North America FDIC RFI Submission

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FDATA North America Submits Comments to US OCC in Response to its ANPR on Digital Activities

FDATA North America Submits Comments to US OCC in Response to its ANPR on Digital Activities

July 29, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Office of the Comptroller of the Currency (OCC) in response to its Advanced Notice of Proposed Rulemaking (ANPR) regarding national bank and federal savings associations digital activities.

In its comments, FDATA North America praises the OCC for recognizing that the US banking system is not “frozen in time” and that innovation and safety and soundness are not mutually exclusive principles. The association also notes that as the OCC attempts to strike the right balance between these principles, it should observe the experiences of other markets around the world and create an open finance ecosystem that has a consumer’s right to access and share their own data as its centerpiece.

Image result for paperclip iconFDATA North America OCC ANPR Submission

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FDATA North America Outlines Competition Issues Surrounding Open Banking

FDATA North America Outlines Competition Issues Surrounding Open Banking

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

July 17, 2020, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America released a paper on competition issues surrounding customer-directed finance and the financial data access competitive landscape in Canada. The paper’s release comes ahead of a virtual presentation by FDATA North America Executive Director Steve Boms, Senator Colin Deacon, and Michael Binetti, partner at Affleck Greene McMurtry LLP.

A replay of the webinar can be found here.

Consumers and small businesses in Canada have become increasingly reliant on financial services and products offered by financial technology (“fintech”) providers. Today, as many as four million Canadians utilize fintech tools to improve their financial wellbeing. Regardless of the type of product or service offered by fintech firms, all rely on the ability of the consumer or small business to grant them access to their financial data, which is typically held at a financial institution.

The paper, “Competition Issues in Data-Driven Consumer and Small Business Financial Services in Canada,” outlines how restrictions on consumer-directed access to individual financial data raise serious competition concerns in the market for data-driven financial services and underscores the need for the Canadian government to advance a customer-directed finance ecosystem.

“The financial impact from COVID-19 – and the government’s refusal to allow fintech lenders to participate in its response – is the latest in a growing string of examples that underscore the need for Canada to have a customer-directed finance regime as soon as possible,” said Senator Colin Deacon. “FDATA North America’s paper makes clear that the absence of such a regime is actively thwarting competition in the financial marketplace. Accordingly, I urge the Department of Finance to expedite its consultation process and to submit to Parliament draft legislation as soon as possible that would allow Canada to join the growing number of innovative economies that provide consumers and small businesses choice and autonomy over their financial data.”

Highlights from “Competition Issues in Data-Driven Consumer and Small Business Financial Services in Canada”:

  • The innovation in financial services is powered by consumers and small businesses granting permission for access and use of their data, often in conjunction with cutting edge machine learning and other data analytics technology.
  • As consumers and businesses face a deteriorating economic landscape, it is critical to maintain competition in the market for these data-driven financial services.
  • Competition issues cannot take a back seat as the regulatory and technological framework in data sharing continues to evolve. As open finance develops, competition laws provide a critical backstop to ensure that existing competition in the market for data-driven consumer financial services is not stifled.

Click here to read the paper.


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 (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fintech Growth Syndicate, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica, Xero, and others.

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FDATA North America Outlines Competition Issues Surrounding Open Banking

FDATA North America Outlines Competition Issues Surrounding Open Banking

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

June 2, 2020, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America released a paper – “Competition Issues in Data-Driven Consumer and Small Business Financial Services” – on competition issues surrounding open finance and the financial data access competitive landscape in the United States. The paper’s release came in conjunction with a virtual presentation by FDATA North America Executive Director Steve Boms and Duane Pozza, partner at Wiley LLP. Click here to watch a replay of the webinar.

Consumers and small businesses in the United States have become increasingly reliant on financial services and products offered by financial technology (“fintech”) providers. Currently, as many as 100 million Americans utilize fintech tools to improve their financial wellbeing. Regardless of the type of product or service offered by fintech firms, all rely on the ability of the consumer or small business to grant them access to their financial data, which is typically held at a financial institution.

The paper, “Competition Issues in Data-Driven Consumer and Small Business Financial Services,” outlines how restrictions on consumer-directed access to individual financial data raise serious competition concerns in the market for data-driven financial services.

Image result for paperclip iconCompetition Issues in Data-Driven Consumer and Small Business Financial Services 

Highlights from “Competition Issues in Data-Driven Consumer and Small Business Financial Services”:

  • The innovation in financial services is powered by consumers and small businesses granting permission for access and use of their data, often in conjunction with cutting edge machine learning and other data analytics technology.
  • As consumers and businesses face a deteriorating economic landscape, it is critical to maintain competition in the market for these data-driven financial services.
  • Competition issues cannot take a back seat as the regulatory and technological framework in data sharing continues to evolve. As open finance develops, competition laws provide a critical backstop to ensure that existing competition in the market for data-driven consumer financial services is not stifled.

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 (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, Fintech Growth Syndicate, Flinks, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others

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FDATA North America Submits Letter to House Financial Services Committee on Consumer Financial Data Privacy

May 21, 2020, Washington, DC – Today, FDATA North America submitted a letter to the U.S. House Financial Services Committee on consumer financial data privacy. In the letter, FDATA North America highlights that, as the leading trade association advocating for consumer-permissioned third-party access to financial data globally, the most effective way to ensure data privacy is to give consumers and small businesses the tools to control their financial data. 

Image result for paperclip iconFDATA North America Letter on Consumer Financial Data Privacy

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FDATA North America Submits Letters to Canadian and U.S. Governments on the Importance of Fintech and Aggregation as the COVID-19 Pandemic Continues

FDATA North America Submits Letters to Canadian and U.S. Governments on Importance of Fintech and Aggregation as the COVID-19 Pandemic Continues

March 26, 2020, Washington, DC – Today, FDATA North America submitted letters to Canada’s Departments of Finance and Innovation, Science, and Industry (ISI) and United States’ Consumer Financial Protection Bureau (CFPB) that underscores the value that aggregation and fintech can provide to consumers and small businesses in both countries during the global health crisis. During the pandemic, FDATA members are actively helping their customers weather the financial storm and are looking to partner with the Canadian and U.S. governments as they search for and implement policies to address the economic implications of the pandemic.

In Canada, we ask Finance and ISI to recognize that access to data has never been more important to customers and to take action to eliminate the barriers to financial data access.
Image result for paperclip iconFDATA letter to Canada’s Departments of Finance and Innovation, Science, and Industry

In the United States, we ask the CFPB for recognition that fintech constitutes critical infrastructure in the financial services landscape for consumers and small businesses during the national emergency, as recent guidance from the federal government was geared much more towards traditional financial services providers.
Image result for paperclip iconFDATA letter to the United States’ Consumer Financial Protection Bureau


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.

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FDATA North America to Highlight the Need for a Legal Consumer Data Right at CFPB Data Access Symposium

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.”

Image result for paperclip iconFDATA North America CFPB Data Access Symposium Testimony

Click here for more information on the symposium. 

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FDATA North America Statement on Clearing House Purchase of Akoya

FDATA North America Statement on Clearing House Purchase of Akoya

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

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.

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FDATA North America Statement on Department of Finance Canada Open Banking Report

FDATA North America Statement on Department of Finance Canada Open Banking Report

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

January 31, 2020, Washington, DC – The Department of Finance Canada today released Consumer-Directed Finance: The Future of Financial Services, which is the result of more than nine months of consultation with stakeholders in the financial services and financial technology sectors. Financial Data and Technology Association (FDATA) of North America Executive Director Steve Boms issued the following statement upon release of the report:

“When announcing these consultations back in January, Finance Canada said Open Banking ‘could better serve consumers and grow businesses and markets, contributing to the growth of the Canadian economy.’ That absolutely is true and this report from the advisory committee makes that evident.

“Now we get to the ‘how.’ How can stakeholders work together to create a system that puts consumers in control while safeguarding their privacy and security and introduces competition into the market? We look forward to continuing to work with Finance Canada to create a system that empowers individuals, families, and small business owners to take control of their financial lives.

“As Finance Canada has made clear, creating an Open Banking regime is a must-do task for Canadian lawmakers. The private sector, however, does not have to wait to start implementing consumer-centric open banking technology and services. Financial institutions, including those currently restricting their customers’ ability to take advantage of third-party tools, like CIBC, the Bank of Montreal and Scotia Bank, should not wait until they are forced to comply with government demands to let consumers be in control of their own data. They should start doing so now.”

In addition to its consultations with Finance Canada, FDATA North America has published white papers for Canadian and U.S. policymakers that outline the benefits of Open Banking and provide policy and oversight recommendations for lawmakers and regulators. “Opportunities in Open Banking” for the United States is here. The Canadian paper is here. FDATA North America analysis on the report’s findings is here.

Image result for paperclip iconDepartment of Finance Canada’s Report on Consumer-Directed Finance: The Future of Financial Services 


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: The Alliance for Innovative Regulation, Betterment, Direct ID, Envestnet Yodlee, Fintech Growth Syndicate, Flinks, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.

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