FDX, through its members responded last week to the CFPB’s SBREFA process on Dodd-Frank Section 1033.
We work via consensus and this response describes the work and progress by our 230+ members in the implementation of the FDX API over the last four (4) years since launch.
FDX’s response is intended to inform the CFPB about the progress, maturity, and overall benefits of neutral industry-led technical standards to enable end-users3 to access, share, and use their own financial data. Specifically, FDX seeks to highlight the success of industry-led standards to date and the breadth of participation among all market entities in this work. FDX also strives to convey a detailed view of FDX’s mission, structure, and vision as an example of how competing entities across the spectrum of financial services can join together toward a common goal to implement common, interoperable, and royalty-free technical standards that maintain innovation in the marketplace while elevating user control and experience. Finally, FDX wishes to submit that an industry-led approach is best suited to develop, implement, promote, and certify technical standards for user-permissioned data sharing in the United States.
We are grateful to our members who put so much time and effort into helping us draft an informative and fulsome response to the CFPB’s questions.
Please click here to review the full response.
About Financial Data Exchange
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.