Press

January 12, 2026

Steve was featured in Electronic Payments International, where he highlighted Canada’s plan to pair real-time payments with a comprehensive open banking regime under Bank of Canada supervision. He noted that aligning the Real-Time Rail with open banking reflects models used successfully in the UK and Europe. Steve emphasized that this approach has the potential to significantly enhance competition and innovation across Canada’s financial services market.

December 22, 2025

Steve was featured on Marketplace Morning Report discussing why the CFPB’s Open Banking Rule is now in limbo. He explained how the rule gives consumers the ability to share their financial data with apps they choose. Rolling it back could limit choice and increase costs for everyday financial tools.

December 17, 2025

Steve was featured in The Canadian Press highlighting that Canada’s move toward consumer-driven banking is not just open banking, but a broader open finance framework that includes investments and mortgages. He noted that current political alignment and a strong push for competition make this effort feel meaningfully different from past attempts, with Canada positioned to go further than many other countries

November 24, 2025

Steve was featured in Investing News Network discussing Canada’s open banking framework and how the 2025 federal budget finally puts the country on a path toward true consumer-driven finance. He emphasized that open banking is the “rails” for innovation — giving Canadians more control over their financial data, boosting competition for smaller institutions, and aligning Canada with other G7 markets. Steve also highlighted the importance of shifting oversight to the Bank of Canada to ensure a scalable, risk-based framework that supports both consumer protection and industry growth.

November 13, 2025

Steve was featured in The Paypers, where he highlighted last week’s landmark step by Canada to advance its Consumer-Driven Banking framework. While Canada moves forward on Open Banking, the US is still debating whether Americans should be able to access their own financial data without fees. Steve underscores why protecting Section 1033 is essential for US competitiveness and consumer choice.

November 7, 2025

Steve was quoted in the article welcoming the announcement as a major step forward for consumer-driven banking in Canada. He said the government’s decision to streamline oversight under the Bank of Canada and commit to “write access” marks real momentum toward giving Canadians and small businesses secure, reliable, and affordable ways to access and share their financial data. Steve added that FDATA looks forward to working with the Department of Finance, the Bank of Canada, and the wider industry as Canada’s open finance framework advances toward implementation.

November 4, 2025

Steve was quoted emphasizing that the growing push by big banks to collect tolls on consumers’ data directly violates their statutory right under Section 1033 of the Dodd-Frank Act to access and share their financial information freely and securely. He added that consumers should not have to pay simply to exercise a right that Congress has already guaranteed.

September 3, 2025

Steve was quoted in Geopolitical Intelligence Services saying that Chase’s new data access fees would cost fintech firms between 60% and, in some cases, more than 100% of their annual revenue—just to access data from a single bank. He and other industry leaders warned the move was a deliberate attempt to crush competition, tax innovation, and re-consolidate power within the banking sector.

August 22, 2025

Laine was quoted in The Logic highlighting the risks Canada faces if it continues to delay open banking implementation. In the piece, Laine emphasized that further holdups could “import the same kind of dysfunction that we’re seeing in the U.S.” and urged Canadian policymakers to learn from that cautionary tale. The article underscores how Canada now has an opportunity to move ahead while the U.S. remains mired in litigation and reversals.

August 21, 2025

Steve Boms was featured on the CryptoCounsel podcast to discuss the CFPB’s rule on personal financial data rights and its implications for crypto services and financial innovation. Joined by host Frank Scaduto and Wiley colleague Duane Pozza, Steve highlighted how the rule could reshape consumer control over data and the future of open banking in the U.S. The conversation explored what may come next as the Bureau reconsiders its framework.

August 7, 2025

Steve was published in an op-ed in the Globe and Mail warning that Canada risks importing the dysfunction plaguing the U.S. open banking market unless it swiftly implements a legally binding cross-sectoral data right, a proportionate accreditation system, broader participation, and fair enforcement. He urged Ottawa to move beyond consultation and deliver a framework that empowers consumers, enables innovation, and strengthens competition before it’s too late.

July 27, 2025

Steve was featured in Financial Times stating that JPMorgan’s move to charge fintechs for access to customer data is a “pure and simple” attempt to kill competition and “put third parties out of business altogether.” He emphasized the steep financial burden this would impose on fintechs, noting that “across all the companies that received the notices, the cost of just accessing Chase data is somewhere from 60 percent and in some cases well over 100 percent of their annual revenue for the year.” He concluded, “Just from one bank.”

July 24, 2025

Steve was featured in Axios warning that JPMorgan’s decision to charge fintechs for access to consumer-permissioned data could undermine consumer choice and stifle innovation. His comments came in coverage of Solo, a financial data startup launching a bank-led data-sharing network backed by over 100 community and regional banks. The network aims to give banks greater control over consented data sharing and revenue, as regulatory uncertainty around the CFPB’s open banking rule continues to grow.

July 17, 2025

Steve was featured in The Information warning that JPMorgan’s proposed data access fees could devastate early-stage fintechs and crypto firms, calling the move a “cynical attempt” to exploit regulatory uncertainty while banks litigate to block the CFPB’s open banking rule. The article also reports that major trade groups, including FDATA, are urging the Treasury to uphold the rule, emphasizing that letting banks charge for consumer data could stifle financial innovation and competition.

July 16, 2025

Steve was featured in Fortune saying JPMorgan is exploiting regulatory uncertainty to levy a “punitive tax on competitive offerings,” calling the move “a blatant effort to curtail innovation and undermine a stronger American financial system.” The article highlights that FDATA and others warn JPMorgan’s plan to charge for consumer data access—once free—threatens to crush early-stage fintechs, limit consumer choice, and unravel the promise of open banking, as other major banks like PNC consider following suit.

July 15, 2025

Steve was featured in Payments Dive, where he called JPMorgan Chase’s new data access fees a “cynical attempt” to exploit regulatory uncertainty and undermine the CFPB’s open banking rule. He warned that the fees are “prohibitive” and reflect a belief at the top of the bank that customers should be locked into using Chase products rather than third-party services.

July 14, 2025

Steve was featured in Axios Pro warning that JPMorgan Chase’s plan to impose new fees for fintech data access could upend the U.S. consumer finance ecosystem and threaten the future of open banking. He emphasized that these fees act as a “blatant competition tax” and will either block Chase customers from using third-party tools or saddle them with higher costs—an approach that runs counter to consumer data rights recognized in other developed economies.

July 14, 2025

Steve Boms was quoted in Yahoo Finance saying that JPMorgan’s plan to charge fintechs for customer data access is a “blatant effort to exploit regulatory uncertainty.” He emphasized that penalizing consumers for sharing their own financial data undermines competition and innovation in the financial system.

July 14, 2025

Steve Boms was quoted in The Paypers saying that open banking is based on the principle that consumers—not banks—own their financial data, and JPMorgan’s move to impose punitive fees for data sharing is an attempt to exploit regulatory uncertainty and stifle innovation. He warned that these charges would ultimately harm consumers by making financial services less competitive and more expensive.

July 11, 2025

Steve Boms was quoted in Bloomberg saying that JPMorgan’s plan to charge fintechs for customer data access is a “blatant effort to exploit regulatory uncertainty.” He emphasized that penalizing consumers for sharing their own financial data undermines competition and innovation in the financial system.

July 9, 2025

Steve Boms was quoted in Banking Diveemphasizing that Congress clearly intended for consumers to have the right to securely share their financial data with third parties of their choice when it enacted Section 1033, and that this intent remains central to deploying open banking in the U.S. He argued that the plaintiffs’ and CFPB’s narrow reading of the law cannot be squared with its text or purpose, which was to promote competition in financial services.

May 27, 2025

Steve Boms was quoted in Banking Dive warning that vacating the existing rule and starting from scratch would prolong regulatory uncertainty and stall innovation in digital financial services. He emphasized that such a move would embolden incumbents to entrench legacy technologies instead of competing.

May 29, 2025

Steve Boms was quoted in American Banker warning that if the CFPB rescinds the Section 1033 rule, it would reset the clock by four to five years and jeopardize the collaborative progress already made across the industry. He emphasized that while the rule isn’t perfect, 95% of it is broadly supported and critical to advancing consumer data rights and innovation.

May 5, 2025

Steve, along with co-authored member companies Equitable Bank, Prism Data, and Inverite Insights Inc., was featured in The Hill Times calling on Canadian policymakers to move decisively on open finance. The piece outlined how economic uncertainty, from trade disruptions to rising costs, is hitting small businesses and consumers especially hard—and how a made-in-Canada open finance regime could provide meaningful relief. The op-ed urged the government to stop delaying and deliver a functional framework that allows Canadians to access more competitive, modern financial services.

May 5, 2025

Steve was quoted in American Banker warning that reopening the CFPB’s open banking rule would be a major setback if the CFPB started over by rescinding and reissuing another advance notice of proposed rulemaking. The CFPB under the Trump administration has already moved to negate rules issued under the Biden administration.

May 4, 2025

Steve was quoted in Bloomberg Law warning that reopening the CFPB’s open banking rule would “stall financial innovation and prolong uncertainty for both businesses and consumers in America.” The Trump administration is considering revisiting—or even vacating—the rule, which underpins Americans’ right to securely share their financial data with trusted fintechs.

March 26, 2025

Steve was quoted in Money explaining that debt settlement is best suited for individuals facing acute financial hardship and juggling multiple unsecured debts, noting that professional debt relief companies can often negotiate better outcomes thanks to their experience and creditor relationships. While debt settlement can significantly reduce what consumers owe, the article cautions that it also carries risks like credit score damage and growing balances if settlements aren’t reached.

March 12, 2025

Steve was mentioned in Open Banking Expo Canada, where he is scheduled to speak on June 26, 2026, highlighting FDATA North America’s advocacy for accelerating Open Finance and refining Canada’s Open Banking framework ahead of Budget 2025.

January 20, 2025

Steve was quoted in the The Logic, where he highlighted the irony of Canadian banks criticizing screen scraping as insecure while simultaneously using it themselves to power their own financial tools, underscoring the urgent need for open banking to provide a secure and standardized alternative.

January 9, 2025

Steve was published in the Open Banker, where he shared a compelling roadmap for leveraging fintech to drive innovation and improve consumer outcomes under the Trump administration. His insights highlight the importance of clear regulatory frameworks, expanded open banking, and right-sized oversight for fostering a competitive financial ecosystem.

December 19, 2024

Steve was published by The Globe and Mail, highlighting Canada’s delayed open banking journey and the urgent need to follow successful international models to foster innovation and competition. The piece emphasizes how the current approach risks stifling fintech innovation and entrenching barriers to entry for new market players.

December 17, 2024

Steve was quoted criticizing the Canadian government’s “one-size-fits-all” approach to open banking, which he warned could entrench a market dominated by a few large incumbents. He highlighted the need for a tiered system that supports innovation by recognizing the unique challenges faced by smaller fintech firms.

October 29, 2024

Steve was quoted highlighting that the new CFPB rule on consumer data significantly bolsters privacy protections by ensuring third-party consent is clear, time-bound, and restricts data use strictly to consumer-authorized purposes. He also emphasized that this rule is a crucial step towards creating a fairer, more competitive landscape in Open Banking, which will benefit consumers through lower fees and increased access to financial products.

October 25, 2024

Steve was quoted expressing support for the final rule, highlighting that it empowers consumers to control their financial data and choose providers that align with their needs. He also noted FDATA North America’s disappointment with the exclusion of Electronic Benefit Transfer (EBT) data from the rule.

October 25, 2024

Steve was quoted stating that the CFPB’s rule centers on giving consumers control, ensuring that it’s ultimately up to them—not the bank—whether to allow access to their financial data.

September 18, 2024

Steve was quoted as saying that Fidelity’s move is reminiscent of security concerns raised by the banking industry in the past, but noted that, in the traditional banking world, these issues were largely resolved through industry cooperation and the establishment of secure APIs.

September 10, 2024

Steve Boms was quoted saying that the debate is unlikely to explore nitty-gritty policy nuances, and that Harris may pursue a substantive conversation in an attempt to demonstrate superior command of the topic. He also noted that both candidates will frame their tax plans as efforts to boost the prospects of working-class and middle-income people.

June 5, 2024

Steve Boms was quoted as praising the CFPB’s new rule on open banking standard setters, stating that the CFPB should be applauded for “the thoroughness of the attributes they’ve laid out in this final rule,” and highlighting the framework’s recognition of balance, transparency, consensus, and due process in developing standards that will enhance consumer financial wellbeing.

May 6, 2024

Steve Boms was quoted as saying that any potential interest rate cuts would offer immediate financial relief to consumers and businesses, though the magnitude of the cuts might not significantly reduce borrowing costs. He highlighted that even if the actual economic impact is modest, the perception of falling rates could politically benefit the Biden campaign by signaling that inflation is under control.

May 1, 2024

Steve Boms highlights that more than six years after the 2018 federal budget announced Canada’s intent to establish an open finance regime, significant progress is evident with Budget 2024’s detailed government-led plan aimed at empowering consumers and small businesses through comprehensive control over their financial data, aligning Canada with global leaders in consumer-driven finance.

April 19, 2024

Steve Boms was quoted in this article as describing the shift to open finance as a broadening of traditional banking boundaries, highlighting the potential for Canadian FinTechs to operate in the U.S., and emphasizing the need for specialized expertise within the FCAC to manage these changes effectively.

February 26, 2024

Steve Boms describes how the CFPB’s proposed rule on personal financial data rights aims to transform the financial ecosystem by empowering consumers to securely share their financial data with third-party services, advocating for the expansion of covered accounts and reconsideration of data use policies to fully realize the rule’s potential for a more competitive and consumer-centric market.

February 1, 2024

Steve Boms is quoted in this article advocating for the proposed Personal Financial Data Rights rule by the CFPB, emphasizing its potential to empower consumers by allowing secure electronic sharing of financial data with third-party financial service providers, thus enhancing competition and consumer choice in the financial services sector.

December 19, 2023

Steve Boms is quoted in this article commenting on the potential impact of interest rate cuts on the 2024 election, noting that while such cuts typically aim to boost employment and reduce unemployment, their effects might be limited in the current situation due to already low unemployment levels.

November 27, 2023

In case you missed it, please tune into the latest American Banker podcast episode where Steve and Penny Lee, president and CEO of the Financial Technology Association, join to shed light on the CFPB’s Section 1033 rulemaking and its necessity in the evolution of open finance.

October 23, 2023

Steve Boms is quoted in this piece expressing satisfaction with the proposed rule, highlighting its robust data security and privacy standards aimed at safeguarding consumers in their financial management choices.

October 20, 2023

Steve Boms is quoted in this piece expressing support for the CFPB’s proposed rule, which he said aims to grant consumers full control over their financial data and foster increased competition and choice in the financial services market.

October 20, 2023

Steve Boms is quoted in this piece endorsing the CFPB’s proposed rule to grant consumers control over their financial data, leading to more competition and better outcomes.

August 23, 2023

Steve Boms is quoted in this piece urging the Canadian government to release an action plan and timeline to rapidly implement open banking in Canada after significant delays.

August 7, 2023

Steve Boms is quoted in this piece stating he believes governance is the essential building block of Canada’s Open Banking Framework.

June 9, 2023

Steve Boms argues that if the Canadian government is serious about supporting consumers’ financial wellbeing and encouraging competition, it must prioritize the open finance file to give all Canadians the modern financial system they deserve.

June 6, 2023

Steve Boms pushes back against the idea that open banking in any way contributed to the liquidity crises recently faced by several US banks, and stressed that completion of the Section 1033 rule should not be impacted by these developments.

April 27, 2023

Steve Boms emphasizes that governance is the crucial foundation of Canada’s Open Banking framework, stating that a strong and impartial governance entity with well-defined responsibilities is necessary for the successful launch of Open Banking and its evolution into an Open Finance system over time.

March 29, 2023

Steve Boms is quoted in this Betakit piece expressing disappointment at the lack of progress in Budget 2023 toward the implementation of Canada’s open banking regime,

March 23, 2023

Steve Boms shares his insights into the collapse of Silvergate, SVB, and Signature Bank and how US regulators prevented the crisis from spreading.

December 5, 2022

Steve Boms sat down with Mahi Sall of NCFA to discuss FDATA North America’s work in promoting open banking and Canada’s progress toward implementation.

November 4, 2022

FDATA once again contributed an article to The Paypers for their annual report on the status of open banking around the globe.

October 31, 2022

Steve Boms is quoted in this piece in Bloomberg Law which discusses the CFPB’s developing Section 1033 rulemaking and issues related to data security and liability

October 14, 2022

Steve Boms is quoted in this piece from The Banker discussing the introduction of the FedNow instant payment system, and why it took the US so much longer than other countries to implement.

October 14, 2022

In this Op-Ed, Justin Santopietro argues that the development of a Self-Regulatory Organization (SRO) will be critical to the long-term success of cryptocurrencies.

September 6, 2022

Steve Boms is quoted in this Betakit piece expressing concerns that Canada’s Open Banking working groups aren’t sufficiently addressing issues around dispute resolution and how the system will be governed.

August 6, 2022

Steve Boms is quoted in this piece from Canada’s Globe and Mail explaining how Open Banking benefits consumers by lowering prices and boosting competition.

August 2, 2022

This Bloomberg article on a petition from various US banking trade associations urging the CFPB to supervise both data aggregators and recipients features a statement from Steve Boms on behalf of FDATA NA.

July 29, 2022

In this article on the CFPB’s progress on the Section 1033 rulemaking, Steve Boms describes the FDATA NA position that data aggregators should fall under CFPB supervision.

June 20, 2022

In this Op-Ed, Steve Boms urged the CFPB to finish a long-overdue rule to implement Section 1033 of the Dodd-Frank Act, which would empower Americans to share their financial data with the 3rd-party providers of their choice.

March 22, 2022

FDATA North America is quoted in this Betakit article applauding the long-awaited appointment of an Open Banking Lead in Canada.

February 28, 2022

Steve Boms is quoted in this article from Forbes, which compares the state of open banking and the fintech industry on both sides of the Atlantic.

December 7, 2021

In an episode of the Fintech Impact podcast, host Jason Pereira speaks with FDATA North America’s Steve Boms about the fintech landscape in Canada and the United States and the importance of open banking for financial competition, technological innovation, consumer protection and data security, and payments modernization.

November 25, 2021

The CIOSC will release a draft of its minimum viable framework for consumer-directed finance around the end of 2021. But some involved in the process say it has become yet another venue for the ongoing power struggle between banks and fintechs over the future of open banking.

November 10, 2021

“We have come together united in support of the full implementation of phase one and two recommendations of the advisory committee on open banking and to respectfully request your public support for the same,” the groups state.

October 21, 2021

The job is still vacant six months after a federal advisory committee first recommended creating the position – a delay that has raised questions about the Liberal government’s ability to meet the committee’s recommendation to implement open banking by January 2023.

August 17, 2021

The [US] CFPB plans to have a data-sharing rule in place by April 2022. But Canadian report observers have shed much more on what an open banking regime would look like than the Bureau’s request for comment issued last fall, and could influence rulemaking in both countries.

August 6, 2021

The [Advisory Committee report] recommendations land at a time when other countries have already blazed ahead, and Canadian fintechs say they are losing opportunities to innovate in the financial industry

August 5, 2022

“We now have a pretty detailed roadmap on how to proceed. It’s actually unleashing innovation and competition for consumers, (which is) amazing,” stated FDATA North America Executive Director Steve Boms.

August 4, 2022

A long-anticipated report from a federal advisory committee on open banking says Ottawa should aim to design, test, and launch an open banking system in 18 months.

July 12, 2021

The [Executive] order urges the CFPB to commence a rulemaking under section 1033 to facilitate the portability of consumer financial transaction data so consumers can more easily switch financial institutions and use new, innovative financial products.

July 9, 2021

“We’ve been lagging behind many, many other developed countries. What this means is the era of open finance in the United States has begun in earnest – finally” stated FDATA North America Executive Director Steve Boms.

June 24, 2021

As Canada spins its wheels, other countries have already started implementing new regulations – and are seeing their fintech sectors expand, creating jobs in the process.

June 9, 2021

“Without open banking, consumers have no choice. They are entirely beholden to the financial institutions who control their data. In an open banking environment, consumers and small businesses have the right to use the service providers they choose.”

May 5, 2021

“The longer we wait to get moving, the more the opportunity cost,” said Steve Boms, executive director of the Financial Data and Technology Association (FDATA) of North America.

April 19, 2021

“If there is no movement this year in Canada on a regulatory framework, and no further commitments in the budget, large financial institutions will keep controlling the banking system, and opportunities will be lost,” said FDATA North America’s Steve Boms.

April 8, 2021

Fintech trading app Robinhood was at the center of the GameStop controversy that Congress is investigating. But a too-heated response from Congress could undermine access to affordable financial tools.

April 6, 2021

FDATA North America Executive Director Steve Boms noted that open finance maximizes the potential of fintech to improve financial access and inclusion, and the new members will be important allies in this effort.

February 12, 2021

As the bureau writes data-sharing rules, the third-party firms that work with fintechs say oversight by the agency would be more efficient – and better for consumers – than being policed by their bank partners.

January 12, 2021

The Biden administration can ensure the success of economic equality and financial inclusion by completing an initiative under the Consumer Financial Protection Bureau: enacting regulations to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

December 24, 2020

The CFPB is seeking input on potential regulations for consumer access to electronic financial records through an advance notice of proposed rulemaking. Banks and fintech firms are closely watching.

October 22, 2020

The CFPB has taken its first step toward weighing in on a raging debate between upstart technology companies and banks over control of the financial data of millions of Americans.

September 30, 2020

There’s no PSD2-style law requiring banks in the US to share data with third-party payment apps, but the market is progressing as if there will be one, leaving some smaller banks at a disadvantage.

August 28, 2020

The financial technology and data aggregation communities have long advocated for the CFPB to issue a rule under Section 1033, asserting this is the key first step toward an open finance framework under which a consumer or small business is in full control of their financial data.

August 4, 2020

Financial services innovators are at risk of losing access to data that’s critical to their businesses if Congress passes a proposed data privacy bill or one of several like it.

June 29, 2020

If [Mastercard and Visa’s] deals are approved by regulators, the largest card networks will own two of the largest US data aggregators, which are companies that collect and feed bank customer data into fintech apps.

June 23, 2020

Mastercard announced on Tuesday it has entered into an agreement to acquire Finicity, a real-time financial data and insights access provider providing open banking tools – an area of growing importance for financial services firms

May 6, 2020

A conversation about consumer and small business protection in the COVID-19 era and beyond with FDATA’s Steve Boms and Fintech Growth Syndicate.

April 1, 2020

Approximately two-thirds of the U.S. population currently is being urged to stay home in the face of the COVID-19 pandemic. With their mobility restricted, housebound families have turned to apps to get them through this unprecedented period.

March 30, 2020

Technology can help by serving during times of hardship as the primary form of access to the financial services system for millions of individuals, families, and small businesses.

February 27, 2020

The CFPB held a gathering this week of bankers, fintechs, consumer groups and others to tackle a key data-sharing issue facing the bureau, and the event provided an opportunity to have it out over a bone of contention.

February 24, 2020

The pace of technological advancement between now and 2030 could be even more rapid than what we saw over the last decade. The greatest failure, however, will be if Washingon does not change its own culture on financial regulation.

February 17, 2020

Last month, after more than nine months of consultations with a broad array of stakeholders, the Department of Finance Canada released a report on consumer-directed finance.

February 7, 2020

Fintech companies argue that giving banks a tight grip over the flow of information will allow the big lenders to snuff out new competitors.

January 28, 2020

By creating industry-led open banking working groups, the US and Canada are inching their way toward the changes needed to provide the same access to the financial technology tools citizens in other countries do.

January 27, 2020

The era of open banking, where consumers and small businesses have full control of their financial data, may finally be upon us.

December 23, 2019

Just when it looked like banks, fintechs and data aggregators had reached a truce over the sharing of coustomer data, a new spat is threatening to resurrect points of contention.

November 18, 2019

Canada’s FinTech sector has seen steady growth in recent years, and there seems to be more on the horizon with increased collaboration between startups and incumbents.

October 14, 2019

Fintechs are making waves in the finance services and banking industries, and open banking will be a key factor propelling them to the forefront.

September 30, 2019

Data aggregators and fintechs have taken heat in recent days on the subject of cybersecurity – and they say the criticism is unfair.

September 16, 2019

Multiple pending federal legislations seek to address online data privacy concerns, asking businesses to provide better safeguards and data sharing options for consumers.

July 10, 2019

The Financial Data and Technology Association (FDATA) of North America today announced it added five new members in June, bringing the association’s total membership to 22.

June 29, 2019

In May, Navdeep Baines, the federal Minister of Innovation, Science and Economic Development, announced a Digital Charter that presents 10 principles for modernizing the rules that govern digital technology in Canada.

June 28, 2019

President Donald Trump just traveled to London to talk trade, but it is Rep. Greg Meeks (D-NY) who has imported Britain’s best idea. Meeks, who heads the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, is expected to introduce legislation before the July 4 recess to study how Open Banking can be brought to the U.S.

April 16, 2019

Canada is considering a move toward open banking, a formalized system in which consumers are empowered to share their bank-held data with third-party providers (TRPs) to encourage competition and innovation. If the experience in Britain is a guide, this advance will transporm the country’s economy and imp

March 20, 2019

In advance of a Canada Standing Senate Committee on Banking, Trade and Commerce hearing on March 21, the Financial Data and Technology Association today released a new paper, “Opportunities in Open Banking,” that outlines the benefits of open banking for Canadian consumers, businesses, financial institutions and the economy.

March 8, 2019

Millions of Canadians have turned to financial technology, or fintech, which provides intuitive, accessible platforms that enable even the least financially savvy consumers to manage finances and improve economic outcomes.

February 4, 2019

Steve Boms, executive director of the Financial Data and Technology Association, says standards should be developed for U.S. banks and fintechs to follow in open banking, to protect consumers.

January 4, 2019

While the U.S. government hobbles from one crisis to the next – the partial shutdown is just the latest example – policymakers in several other countries are staking out long-term polsitions that embrace financial technology innovation for the benefit of their citizens.

December 19, 2018

Some alternative funders are anxious for “open banking” to become the gold standard in the U.S., but achieving widespread implementation is a weighty proposition.

December 2, 2018

According to data compiled by Experian, New Jersey consumers have, on average, more credit cards in their pockets than the residents of any other state. Even more telling, the average New Jersey household has more than $7,150 in credit card debt, the fourth-highest rate in America.

November 29, 2018

The Tuesday op-ed “House bill would drive borrowers deeper into debt” by Kalitha Williams contains numerous inaccuracies and does a serious dis

November 21, 2018

Collectively, the members of the Financial Data and Technology Association of North America provide approximately 3.5 million Canadians with access to new, technology-powered financial tools that help them manage their finances. Despite an ambiguous regulatory environment, these consumers and small businesses have voted in favor of financial technology.

October 9, 2018

The national budget passed by Parliament requires the Department of Finance to offer findings and recommendations for a move toward open banking. Lawmakers didn’t set a deadline, but Finance Canada is already engaging with industry stakeholders to solicit input.

September 24, 2018

The Financial Data and Technology Association (FDATA) has launched its North American arm.

September 21, 2018

Across North America, policymakers, fintech companies, and financial services firms are finally beginning an earnest dialogue about open banking. The Senate Banking Committee recently touched on the issue at a Sept. 18 hearing – one of the first official discussions in the halls of Congress.

September 21, 2018

The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today the launch of a North American arm, FDATA North America.

August 17, 2018

It’s about as nerdy as it gets in fintech and digital banking. But the way you share your bank information with popular fintech apps is evolving – and it marks one of the most significant changes in how you manage your money digitally.

August 3, 2018

Regulators in the US are struggling to keep up with the rate of technology innovation sweeping financial services. Between technology startups and traditional firms looking to use blockchain and nontraditional companies entering finance, regulators around the world are reassessing existing frameworks.

July 31, 2018

The Treasury Department recently released its blueprint for regulating financial technology, a sweeping document that could influence policy in the emerging industry for years to come.

July 31, 2018

The US Treasury Department has called for a radical overhaul of financial technology regulation, backing a new national fintech charter, the introduction of sandboxes, and the opening of access to consumer data.

July 30, 2018

It’s been a long and winding road – politically- since the Obama-era Department of Labor (DOL) finalized its fiduciary rule in June 2016. Full of soap opera-esque twists and turns, many believe the Fifth Circuit Court of Appeals’ decision to kill the DOL rule means the end could be in sight.

July 17, 2018

Plaid Technologies’ public effort to blame Capital One after a security upgrade blocked the data aggregator from accessing customer data appears to have backfired. Other data aggregators have distanced themselves from the protest, nothing they have been unaffected and even speaking out in defense of the bank.

May 21, 2018

The term “open banking” might conjure up an image of a bank branch decorated like a hip loft where the teller isn’t behind bulletproof glass. There’s also a good chance that “open banking” means nothing to you. However, it’s something you should probably get to know because it could change the landscape of the financial services industry.

May 11, 2018

Banks, fintech firms and data aggregators are asking regulators to provide more clarity on how to handle consumer data and who is responsible for leaks when it is shared between firms – a request that’s seemingly a reversal from the deregulatory approach the industry often takes.

April 18, 2018

When your credit card bills are piling up and you’ve got little hope of ever paying them down, the option that comes with the most risk can feel like the only choice.

March 17, 2018

A controversial rule requiring advisers to act in their clients’ best interests when it comes to managing retirement accounts has been ferociously contested, and may soon be dead.

February 20, 2018

Open banking, powered through Open APIs, puts the consumer, at the center of the financial services ecosystem. In this new, innovation-driven environment, those market players that provide solutions to consumers where they most demand them will flourish, whether they are traditional banks or fintech firms.

January 29, 2018

While PSD2 was the subject of extensive focus for European banks, businesses, tech firms, and fintechs, these institutions may not be ready for another data initiative, the General Data Protection Regulation, set to come into effect this May. In fact, studies show that less than half of businesses in the U.K are even aware of GDPR, much less ready to comply.

January 12, 2018

Welcome to the bonus year. Independent annuity agents and the marketing organizations that serve them were against the proverbial wall, blindfolded and enjoying a last vape when the Department of Labor’s (DOL) new secretary, Alexander Acosta, issued a fiduciary rule reprieve until mid-2019. Now, instead of exiting from the annuity market en masse, dazed agents and IMOs find themselves with a new lease on life.

December 4, 2017

Have you found a financial management app you’re dying to download? Your bank might be withholding your account data from the app.

November 29, 2017

Yodlee, a financial data aggregator and technology company, hired Allon Advocacy to work on issues relating to consumer financial data, credit reporting, cybersecurity and government rules about fiduciary standards. The company is one of Allon Advocacy’s first lobbying clients. The firm has also signed Freedom Financial Network, which offers loans and mortgages, in addition to debt settlement services.

October 20, 2017

The Consumer Financial Protection Bureau’s entrance into the battle between banks and fintechs over customer information appears to have done something remarkable by largely pleasing both sides.

June 9, 2017

The Department of Labor’s Fiduciary Rule on retirement advice is taking effect today. After much delay and uncertainty, particularly in the last six months under the new administration, retirement advisors now must put investor interests first when choosing products and determining fees for their services.

June 9, 2017

The June 9 initial applicability date of the DOL fiduciary rule is here, and advisors tell FA-IQ they’re largely ready to comply with the requirements of acting in the best interest of their clients. But a law firm notes that many advisors have been asking exactly how to comply with the Impartial ICS, which are in place until the rule’s full implementation on January 1, 2018.

May 26, 2017

Host Brian Wesolowski sits down with Natasha and Vijay from our Privacy and Data team to shine a spotlight on the myriad ways states are taking privacy regulations into their own hands, after several moves in the opposite direction from Congress. Then Brian brings in Steve Boms, Vice President of Government Affairs at Envestnet | Yodlee, to discuss what’s happening at the crossroads of finance and technology.

April 5, 2017

Young digital-first firms hoping to revolutionize the way advisors manage client finances and build their wealth claim they have run into resistance from major banks opposed to sharing financial data.

March 27, 2017

The ability of Americans to see their total financial picture across multiple financial institutions and quickly access technology-based tools to analyze their financial data is no longer theoretical. The fintech industry provides this capability to millions of consumers.

March 23, 2017

The big banks and Silicon Valley are waging an escalating battle over your personal financial data: your dinner bill last night, your monthly mortgage payment, the interest rates you pay.

February 3, 2017

Retirees who lost big in the 2008 financial crisis have good reason to worry about President Trump’s new rollbacks of Wall Street regulations. So do the robots.

January 24, 2017

A new financial-technology industry group is drafting a letter to federal bank regulators urging them not to squash screen scraping by casting the net too widely in a proposed rule on cybersecurity.

January 21, 2017

In addition to a multitude of innovations, the Industrial Revolution was significantly impacted by the railroad. The Iron Horse allowed goods to travel in days across the American continent that would previously have required months, fueling the factories and workers in American cities that turned this nation into an economic powerhouse.

December 29, 2016

The debate over screen scraping has long pitted banks against fintech companies, but it has also recently captured the interest of another powerful interest group: Silicon Valley.

November 22, 2016

For those who believe passionately in the democratization of consumers’ financial data, the Consumer Financial Protection Bureau’s new interest in protecting third-party access to such data is a significant victory.