The American Bankers Association today said it opposes an application by the Digital Governance Standards Institution to become a recognized standard-setting body under the Consumer Financial Protection Bureau’s final 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. The Digital Governance Standards Institute, part of Canada’s Digital Governance Council, has applied for recognition.
ABA said it opposes the application for two reasons. First, the application fails to meaningfully address any of the standards in the rule, or the organization’s relationship with them. Second, the application fails to demonstrate a significant nexus between the organization and the U.S. data-sharing ecosystem.
“[W]e have no doubt of their organization’s desire to support the open banking ecosystem is sincere and that it shares many of the goals of the broader ecosystem,” ABA said. “However, the application lacks specificity and the level of granularity needed to demonstrate how the Digital Governance Standards Institute would, if recognized, help to achieve those goals.”
