Financial Data Exchange applies to become SSO for CFPB’s open-banking push
The Financial Data Exchange (FDX) has applied with the Consumer Financial Protection Bureau to become a recognized standard-setting organization to facilitate data sharing under Section 1033 of the Dodd-Frank Act.
The CFBP has stated that implementing Section 1033 will “accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data.”
The bureau has created a process for companies to apply to gain SSO status for that push.