FDX Spring Global Summit: Acting Comptroller Discusses Open Banking

WASHINGTON (OCC) —Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s (OCC) approach to open banking in remarks at FDX Global Summit Spring 2023 in Raleigh, N.C.

In his remarks, the Acting Comptroller highlighted the evolution of open banking and its potential impact on the OCC’s supervision in the context of liquidity, operational, third-party, and compliance risks. He also discussed the importance of data, and the relationship of banking and commerce, in the development of open banking to build trust among consumers and the public.



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Financial Data Exchange, LLC is a non-profit organization operating in the US and Canada that is dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers users through its commitment to the development, growth, and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.

Posted on 4/19/2023