FDX Offers Security, Empowers Consumers in CFPB Financial Data Rule

Washington, D.C. — The Consumer Financial Protection Bureau Director Rohit Chopra previewed the Bureau’s Section 1033 rule in an address delivered yesterday at the Financial Data Exchange Global Summit. His remarks emphasized the potential future role of standard-setting bodies like FDX in making it safer for aggregators and other third parties to access consumer financial data. Paige Pidano Paridon, BPI senior vice president and senior associate general counsel, issued the following response:

“We encourage the CFPB to recognize the Financial Data Exchange as an authorized standard-setting body in its forthcoming rules governing the handling of consumer financial data. FDX makes the financial system safer by transitioning the industry away from risky screen scraping, and toward a secure API developed from the contributions of over 200 bank and nonbank participants of all sizes. These industry best practices enable consumers to continue using the apps and services they value with the peace of mind of knowing that their sensitive financial data is safer and more secure.”

To learn more about FDX and how it empowers innovation and safety, click here


About Bank Policy Institute

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s bank-originated small business loans, and are an engine for financial innovation and economic growth.

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