The Consumer Financial Protection Bureau today announced it has officially recognized the Financial Data Exchange as a standard-setting body under the bureau’s financial data-sharing regulation. FDX is the first organization to be given recognition.
The CFPB last year issued a rule establishing the qualifications that organizations must meet to become recognized standard-setting bodies under its regulation implementing Section 1033 of the Dodd-Frank Act. FDX is one of only two organizations to date that have been posted on the CFPB’s website for standard-setting applications.
The American Bankers Association supported FDX’s application, saying the organization met 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 in a letter to the bureau. “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.”
