WASHINGTON, D.C. – The Financial Technology Association (FTA)’s President and CEO Penny Lee today released a statement on the Consumer Financial Protection Bureau’s final open banking rule establishing a personal financial data right for consumers:
“Today’s rule is a win for consumers, guaranteeing their right to own and securely share their financial data. This rule will increase competition, improve consumers’ choices, and drive momentum for future innovations that benefit consumers – like cash flow underwriting, stronger fraud tools, pay-by-bank, and personalized financial services – while fostering greater trust in the financial ecosystem. While today’s final rule covers account and transaction data, we are hopeful that future rulemakings will allow consumers to unlock more benefits by tapping into other aspects of their financial lives, such as payroll, student loan, investment, and mortgage accounts.”
Consumers’ ability to securely control and share their personal financial data enables millions of Americans to access lower-cost, transparent, and tailored financial services. FTA has long advocated for personal financial data rights and open banking rules of the road to promote competition, choice, and access and keep the United States on par with other leading jurisdictions. To learn more about FTA’s advocacy on open banking and the next steps toward an open finance future, click here.
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The Financial Technology Association (FTA) represents 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.