WASHINGTON, D.C. – The Financial Technology Association (FTA) released the following statement applauding the introduction of the New York Financial Data Rights Act, which would protect Americans’ financial freedoms by prohibiting fees for consumer data access:
“Americans have a foundational right to securely access and share their financial data with the apps and services of their choice – without paying a fee,” said Penny Lee, President and CEO of the Financial Technology Association. “Secure, fee-free data portability is the lynch pin not only of a flourishing financial ecosystem but also of future innovations that will benefit consumers. We applaud Assemblyman Clyde Vanel and Senator Rachel May for their leadership in protecting Americans’ financial freedoms and championing open banking.”
The New York Financial Data Rights Act affirms the right of consumers and small businesses to securely access their financial data and prohibits financial institutions from charging fees for access to that data. It also establishes safeguards for data security and for consumer and small-business access. Read FTA’s primer on open banking and key issues to watch in the forthcoming Consumer Financial Protection Bureau rule to learn more.
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The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity. Learn more at FTAssociation.org.