Steve Boms shares his insights into the collapse of Silvergate, SVB, and Signature Bank and how US regulators prevented the crisis from spreading.

Steve Boms is quoted in this piece in Bloomberg Law which discusses the CFPB's developing Section 1033 rulemaking and issues related to data security and liability 

Steve Boms is quoted in this Betakit piece expressing concerns that Canada's Open Banking working groups aren't sufficiently addressing issues around dispute resolution and how the system will be governed.

In this article on the CFPB's progress on the Section 1033 rulemaking, Steve Boms describes the FDATA NA position that data aggregators should fall under CFPB supervision. 

Steve Boms is quoted in this article from Forbes, which compares the state of open banking and the fintech industry on both sides of the Atlantic.

"We have come together united in support of the full implementation of phase one and two recommendations of the advisory committee on open banking and to respectfully request your public support for the same," the groups state.

The [Advisory Committee report] recommendations land at a time when other countries have already blazed ahead, and Canadian fintechs say they are losing opportunities to innovate in the financial industry

The [Executive] order urges the CFPB to commence a rulemaking under section 1033 to facilitate the portability of consumer financial transaction data so consumers can more easily switch financial institutions and use new, innovative financial products. 

"Without open banking, consumers have no choice. They are entirely beholden to the financial institutions who control their data. In an open banking environment, consumers and small businesses have the right to use the service providers they choose."  

Fintech trading app Robinhood was at the center of the GameStop controversy that Congress is investigating. But a too-heated response from Congress could undermine access to affordable financial tools.

The Biden administration can ensure the success of economic equality and financial inclusion by completing an initiative under the Consumer Financial Protection Bureau: enacting regulations to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

There's no PSD2-style law requiring banks in the US to share data with third-party payment apps, but the market is progressing as if there will be one, leaving some smaller banks at a disadvantage.

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If [Mastercard and Visa's] deals are approved by regulators, the largest card networks will own two of the largest US data aggregators, which are companies that collect and feed bank customer data into fintech apps.

Approximately two-thirds of the U.S. population currently is being urged to stay home in the face of the COVID-19 pandemic. With their mobility restricted, housebound families have turned to apps to get them through this unprecedented period.

The pace of technological advancement between now and 2030 could be even more rapid than what we saw over the last decade. The greatest failure, however, will be if Washingon does not change its own culture on financial regulation. 

By creating industry-led open banking working groups, the US and Canada are inching their way toward the changes needed to provide the same access to the financial technology tools citizens in other countries do. 

Canada's FinTech sector has seen steady growth in recent years, and there seems to be more on the horizon with increased collaboration between startups and incumbents. 

Multiple pending federal legislations seek to address online data privacy concerns, asking businesses to provide better safeguards and data sharing options for consumers. 

President Donald Trump just traveled to London to talk trade, but it is Rep. Greg Meeks (D-NY) who has imported Britain's best idea. Meeks, who heads the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, is expected to introduce legislation before the July 4 recess to study how Open Banking can be brought to the U.S.

Millions of Canadians have turned to financial technology, or fintech, which provides intuitive, accessible platforms that enable even the least financially savvy consumers to manage finances and improve economic outcomes. 

Some alternative funders are anxious for "open banking" to become the gold standard in the U.S., but achieving widespread implementation is a weighty proposition. 

Collectively, the members of the Financial Data and Technology Association of North America provide approximately 3.5 million Canadians with access to new, technology-powered financial tools that help them manage their finances. Despite an ambiguous regulatory environment, these consumers and small businesses have voted in favor of financial technology.

Across North America, policymakers, fintech companies, and financial services firms are finally beginning an earnest dialogue about open banking. The Senate Banking Committee recently touched on the issue at a Sept. 18 hearing - one of the first official discussions in the halls of Congress. 

Regulators in the US are struggling to keep up with the rate of technology innovation sweeping financial services. Between technology startups and traditional firms looking to use blockchain and nontraditional companies entering finance, regulators around the world are reassessing existing frameworks.

It's been a long and winding road - politically- since the Obama-era Department of Labor (DOL) finalized its fiduciary rule in June 2016. Full of soap opera-esque twists and turns, many believe the Fifth Circuit Court of Appeals' decision to kill the DOL rule means the end could be in sight.

Banks, fintech firms and data aggregators are asking regulators to provide more clarity on how to handle consumer data and who is responsible for leaks when it is shared between firms - a request that's seemingly a reversal from the deregulatory approach the industry often takes. 

Open banking, powered through Open APIs, puts the consumer, at the center of the financial services ecosystem. In this new, innovation-driven environment, those market players that provide solutions to consumers where they most demand them will flourish, whether they are traditional banks or fintech firms. 

Have you found a financial management app you're dying to download? Your bank might be withholding your account data from the app. 

The Department of Labor's Fiduciary Rule on retirement advice is taking effect today. After much delay and uncertainty, particularly in the last six months under the new administration, retirement advisors now must put investor interests first when choosing products and determining fees for their services.

Young digital-first firms hoping to revolutionize the way advisors manage client finances and build their wealth claim they have run into resistance from major banks opposed to sharing financial data. 

Retirees who lost big in the 2008 financial crisis have good reason to worry about President Trump's new rollbacks of Wall Street regulations. So do the robots. 

The debate over screen scraping has long pitted banks against fintech companies, but it has also recently captured the interest of another powerful interest group: Silicon Valley. 

Steve Boms sat down with Mahi Sall of NCFA to discuss FDATA North America's work in promoting open banking and Canada's progress toward implementation.

Steve Boms is quoted in this piece from The Banker discussing the introduction of the FedNow instant payment system, and why it took the US so much longer than other countries to implement.

Steve Boms is quoted in this piece from Canada's Globe and Mail explaining how Open Banking benefits consumers by lowering prices and boosting competition.

In this Op-Ed, Steve Boms urged the CFPB to finish a long-overdue rule to implement Section 1033 of the Dodd-Frank Act, which would empower Americans to share their financial data with the 3rd-party providers of their choice.

In an episode of the Fintech Impact podcast, host Jason Pereira speaks with FDATA North America's Steve Boms about the fintech landscape in Canada and the United States and the importance of open banking for financial competition, technological innovation, consumer protection and data security, and payments modernization. 

The job is still vacant six months after a federal advisory committee first recommended creating the position - a delay that has raised questions about the Liberal government's ability to meet the committee's recommendation to implement open banking by January 2023.

"We now have a pretty detailed roadmap on how to proceed. It's actually unleashing innovation and competition for consumers, (which is) amazing," stated FDATA North America Executive Director Steve Boms.

"We've been lagging behind many, many other developed countries. What this means is the era of open finance in the United States has begun in earnest - finally" stated FDATA North America Executive Director Steve Boms. 

"The longer we wait to get moving, the more the opportunity cost," said Steve Boms, executive director of the Financial Data and Technology Association (FDATA) of North America.

FDATA North America Executive Director Steve Boms noted that open finance maximizes the potential of fintech to improve financial access and inclusion, and the new members will be important allies in this effort.

The CFPB is seeking input on potential regulations for consumer access to electronic financial records through an advance notice of proposed rulemaking. Banks and fintech firms are closely watching.

The financial technology and data aggregation communities have long advocated for the CFPB to issue a rule under Section 1033, asserting this is the key first step toward an open finance framework under which a consumer or small business is in full control of their financial data. 

Mastercard announced on Tuesday it has entered into an agreement to acquire Finicity, a real-time financial data and insights access provider providing open banking tools - an area of growing importance for financial services firms

Technology can help by serving during times of hardship as the primary form of access to the financial services system for millions of individuals, families, and small businesses. 

Last month, after more than nine months of consultations with a broad array of stakeholders, the Department of Finance Canada released a report on consumer-directed finance.

The era of open banking, where consumers and small businesses have full control of their financial data, may finally be upon us. 

Fintechs are making waves in the finance services and banking industries, and open banking will be a key factor propelling them to the forefront.

The Financial Data and Technology Association (FDATA) of North America today announced it added five new members in June, bringing the association's total membership to 22. 

Canada is considering a move toward open banking, a formalized system in which consumers are empowered to share their bank-held data with third-party providers (TRPs) to encourage competition and innovation. If the experience in Britain is a guide, this advance will transporm the country's economy and imp

Steve Boms, executive director of the Financial Data and Technology Association, says standards should be developed for U.S. banks and fintechs to follow in open banking, to protect consumers. 

According to data compiled by Experian, New Jersey consumers have, on average, more credit cards in their pockets than the residents of any other state. Even more telling, the average New Jersey household has more than $7,150 in credit card debt, the fourth-highest rate in America. 

The national budget passed by Parliament requires the Department of Finance to offer findings and recommendations for a move toward open banking. Lawmakers didn't set a deadline, but Finance Canada is already engaging with industry stakeholders to solicit input. 

The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today the launch of a North American arm, FDATA North America. 

The Treasury Department recently released its blueprint for regulating financial technology, a sweeping document that could influence policy in the emerging industry for years to come. 

Plaid Technologies' public effort to blame Capital One after a security upgrade blocked the data aggregator from accessing customer data appears to have backfired. Other data aggregators have distanced themselves from the protest, nothing they have been unaffected and even speaking out in defense of the bank.

When your credit card bills are piling up and you've got little hope of ever paying them down, the option that comes with the most risk can feel like the only choice. 

While PSD2 was the subject of extensive focus for European banks, businesses, tech firms, and fintechs, these institutions may not be ready for another data initiative, the General Data Protection Regulation, set to come into effect this May. In fact, studies show that less than half of businesses in the U.K are even aware of GDPR, much less ready to comply.

Yodlee, a financial data aggregator and technology company, hired Allon Advocacy to work on issues relating to consumer financial data, credit reporting, cybersecurity and government rules about fiduciary standards. The company is one of Allon Advocacy's first lobbying clients. The firm has also signed Freedom Financial Network, which offers loans and mortgages, in addition to debt settlement services.

The June 9 initial applicability date of the DOL fiduciary rule is here, and advisors tell FA-IQ they're largely ready to comply with the requirements of acting in the best interest of their clients. But a law firm notes that many advisors have been asking exactly how to comply with the Impartial ICS, which are in place until the rule's full implementation on January 1, 2018. 

The ability of Americans to see their total financial picture across multiple financial institutions and quickly access technology-based tools to analyze their financial data is no longer theoretical. The fintech industry provides this capability to millions of consumers. 

A new financial-technology industry group is drafting a letter to federal bank regulators urging them not to squash screen scraping by casting the net too widely in a proposed rule on cybersecurity. 

For those who believe passionately in the democratization of consumers' financial data, the Consumer Financial Protection Bureau's new interest in protecting third-party access to such data is a significant victory. 

FDATA once again contributed an article to The Paypers for their annual report on the status of open banking around the globe. 

In this Op-Ed, Justin Santopietro argues that the development of a Self-Regulatory Organization (SRO) will be critical to the long-term success of cryptocurrencies. 

This Bloomberg article on a petition from various US banking trade associations urging the CFPB to supervise both data aggregators and recipients features a statement from Steve Boms on behalf of FDATA NA. 

FDATA North America is quoted in this Betakit article applauding the long-awaited appointment of an Open Banking Lead in Canada. 

The CIOSC will release a draft of its minimum viable framework for consumer-directed finance around the end of 2021. But some involved in the process say it has become yet another venue for the ongoing power struggle between banks and fintechs over the future of open banking.

The [US] CFPB plans to have a data-sharing rule in place by April 2022. But Canadian report observers have shed much more on what an open banking regime would look like than the Bureau's request for comment issued last fall, and could influence rulemaking in both countries.

A long-anticipated report from a federal advisory committee on open banking says Ottawa should aim to design, test, and launch an open banking system in 18 months.

As Canada spins its wheels, other countries have already started implementing new regulations - and are seeing their fintech sectors expand, creating jobs in the process. 

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"If there is no movement this year in Canada on a regulatory framework, and no further commitments in the budget, large financial institutions will keep controlling the banking system, and opportunities will be lost," said FDATA North America's Steve Boms.

As the bureau writes data-sharing rules, the third-party firms that work with fintechs say oversight by the agency would be more efficient - and better for consumers - than being policed by their bank partners.

The CFPB has taken its first step toward weighing in on a raging debate between upstart technology companies and banks over control of the financial data of millions of Americans. 

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Financial services innovators are at risk of losing access to data that's critical to their businesses if Congress passes a proposed data privacy bill or one of several like it.

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A conversation about consumer and small business protection in the COVID-19 era and beyond with FDATA's Steve Boms and Fintech Growth Syndicate.

The CFPB held a gathering this week of bankers, fintechs, consumer groups and others to tackle a key data-sharing issue facing the bureau, and the event provided an opportunity to have it out over a bone of contention. 

Fintech companies argue that giving banks a tight grip over the flow of information will allow the big lenders to snuff out new competitors.                    

Just when it looked like banks, fintechs and data aggregators had reached a truce over the sharing of coustomer data, a new spat is threatening to resurrect points of contention. 

Data aggregators and fintechs have taken heat in recent days on the subject of cybersecurity - and they say the criticism is unfair. 

In May, Navdeep Baines, the federal Minister of Innovation, Science and Economic Development, announced a Digital Charter that presents 10 principles for modernizing the rules that govern digital technology in Canada. 

In advance of a Canada Standing Senate Committee on Banking, Trade and Commerce hearing on March 21, the Financial Data and Technology Association today released a new paper, "Opportunities in Open Banking," that outlines the benefits of open banking for Canadian consumers, businesses, financial institutions and the economy. 

While the U.S. government hobbles from one crisis to the next - the partial shutdown is just the latest example - policymakers in several other countries are staking out long-term polsitions that embrace financial technology innovation for the benefit of their citizens. 

The Tuesday op-ed "House bill would drive borrowers deeper into debt" by Kalitha Williams contains numerous inaccuracies and does a serious dis

The Financial Data and Technology Association (FDATA) has launched its North American arm. 

It's about as nerdy as it gets in fintech and digital banking. But the way you share your bank information with popular fintech apps is evolving - and it marks one of the most significant changes in how you manage your money digitally. 

The US Treasury Department has called for a radical overhaul of financial technology regulation, backing a new national fintech charter, the introduction of sandboxes, and the opening of access to consumer data.

The term "open banking" might conjure up an image of a bank branch decorated like a hip loft where the teller isn't behind bulletproof glass. There's also a good chance that "open banking" means nothing to you. However, it's something you should probably get to know because it could change the landscape of the financial services industry.

A controversial rule requiring advisers to act in their clients' best interests when it comes to managing retirement accounts has been ferociously contested, and may soon be dead.

Welcome to the bonus year. Independent annuity agents and the marketing organizations that serve them were against the proverbial wall, blindfolded and enjoying a last vape when the Department of Labor's (DOL) new secretary, Alexander Acosta, issued a fiduciary rule reprieve until mid-2019. Now, instead of exiting from the annuity market en masse, dazed agents and IMOs find themselves with a new lease on life. 

The Consumer Financial Protection Bureau's entrance into the battle between banks and fintechs over customer information appears to have done something remarkable by largely pleasing both sides.

Host Brian Wesolowski sits down with Natasha and Vijay from our Privacy and Data team to shine a spotlight on the myriad ways states are taking privacy regulations into their own hands, after several moves in the opposite direction from Congress. Then Brian brings in Steve Boms, Vice President of Government Affairs at Envestnet | Yodlee, to discuss what's happening at the crossroads of finance  and technology. 

The big banks and Silicon Valley are waging an escalating battle over your personal financial data: your dinner bill last night, your monthly mortgage payment, the interest rates you pay. 

In addition to a multitude of innovations, the Industrial Revolution was significantly impacted by the railroad. The Iron Horse allowed goods to travel in days across the American continent that would previously have required months, fueling the factories and workers in American cities that turned this nation into an economic powerhouse.