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.
FDATA 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.
FDATA 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.