The American Bankers Association today said that it supports an application by the Financial Data Exchange, or FDX, to become a recognized standard-setting body under the Consumer Financial Protection Bureau’s proposed financial data-sharing regulation.
The CFPB in June issued a partial final rule establishing the qualifications that organizations must meet to become recognized standard-setting bodies under the proposed regulation, which would implement Section 1033 of the Dodd-Frank Act. In a letter to the bureau, ABA said that FDX’s application meets all the criteria for recognition.
“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,” ABA said. “The prevalence of the FDX API spec in the U.S. market shows that FDX is a credible data format standard setter trusted by data providers, data aggregators and third parties.”
