The Consumer Financial Protection Bureau (CFPB) has recognized the Financial Data Exchange (FDX) as a standard-setting body under the Personal Financial Data Rights rule. This marks the first recognition under the rule, introduced in October 2024, which mandates that financial providers unlock and transfer consumers’ financial data to other providers upon request, free of charge. The CFPB outlined stringent qualifications for recognition, emphasizing openness, transparency, and balanced decision-making. FDX’s recognition is valid for five years, with conditions ensuring transparency in standard development, mandatory reporting on market adoption, and a prohibition on conflicts of interest, such as “pay-to-play” practices.
FDX, operating across the U.S. and Canada, includes more than 200 members, ranging from commercial entities to consumer groups. Its primary mission is to develop and maintain secure, interoperable standards for financial data access. The organization’s application, submitted in September 2024, was the first to undergo public comment before CFPB approval. With this recognition, FDX will continue supporting open banking initiatives, promoting compliance with the Personal Financial Data Rights rule, and driving innovation in financial data access. Meanwhile, the CFPB remains committed to evaluating additional applications and enhancing transparency in regulatory processes.
