WASHINGTON, D.C. – The Financial Technology Association (FTA) today issued a statement on the final report of the Small Business Review Panel (SBREFA) on the Consumer Financial Protection Bureau’s proposal to establish personal financial data rights, the next required step in the rulemaking process under Section 1033 of the Dodd-Frank Act. 

“Personal financial data rights are essential for giving consumers more access, competition, and choice in financial services,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “We’re pleased to see alignment with these principles in the CFPB SBREFA report and look forward to working with the Bureau and other policymakers to secure a consumer financial data right that ensures everyone’s ability to access and use the digital tools we rely on to budget, invest, manage, and send money.”

FTA has urged the Bureau to advance the rulemaking in a way that safeguards the many benefits consumers enjoy through open banking. In a January 2023 comment letter, FTA recommended that the Bureau consider phasing in a broader range of covered accounts to empower consumers with a more holistic view of their financial health. FTA also encouraged the Bureau to embrace a responsible timeline that ensures customers at all types of financial institutions can continue to securely access and use their personal financial data. 

To learn more, read FTA’s blog, Fintech Explained: Open Banking Drives Consumer Benefits and Choice


The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.