Letter to CFPB Supporting Financial Data Exchange Application for Open Banking Standard Setter Recognition

Dear Director Chopra,

The American Bankers Association (ABA) appreciates the opportunity to write in support of the Financial Data Exchange's (FDX) application for recognition pursuant to 12 CFR Part 1033. Specifically, FDX applied to be recognized as an issuer of "data formats."

In June 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) finalized a portion of its 1033 rule related to a recognition process for standard-setting bodies to offer evidence of compliance with certain substantive regulatory requirements. The partial final rule includes an appendix providing a step-by-step guide on how organizations can apply for recognition under Part 1033.

In order to receive recognition by the Bureau, the partial final rule codified at 12 CFR 1033.141 requires a standard-setting body to demonstrate that it satisfies the following attributes: openness, balance, due process and appeals, consensus, and transparency.

The posted application amply demonstrates that FDX meets the above criteria. Moreover, the FDX API data format is currently used to connect over 94 million consumer accounts and is available "without charge for parties that accept the terms and conditions of the FDX API License Agreement." The prevalence of the FDX API spec in the US market shows that FDX is a credible data format standard setter trusted by data providers, data aggregators, and third parties.

For those reasons, we support FDX's application and urge the CFPB to recognize it as a standard setter for data formats.

Thank you for your kind attention to this matter. If you have any questions about this comment, please contact Ryan T. Miller via email at [email protected] or via telephone at (202) 663-7675.

Respectfully submitted,

Ryan T. Miller
Vice President & Senior Counsel, Innovation Policy