Français (Canada)Stay in the Know:
1033 and FDX
In the wake of the recent release of the final 1033 rulemaking, FDX is here to help members with essential insights, resources, and standards to aid in compliance.
Five Things to Know on 1033 and FDX
1. FDX is Working from a Strong Baseline
The Final Rule on Personal Financial Data Rights retained many requirements from last year’s Proposed Rule, validating the work already completed to flesh on FDX’s API spec to better align with the proposed rule. While further adaptation of FDX’s API standards will be needed in some areas, we are working from a strong foundation.
2. FDX Can Help Fill in the Details
As your teams begin tackling interface design adaptations to comply with the rule, FDX can help provide guidance. With many specifics-in areas like authorization, revocation, and reauthorization-left to market participants, building interoperable solutions using FDX’s standards can help save resources and deliver a better user experience around data control, privacy, and access.
3. Keep Moving Fast, Even with Extended Timelines
The final rule has extended the compliance deadlines-to 17 months for the first group of Data Providers, and longer for smaller Data Provider organizations. While this provides extra time, there is still a need to move quickly in defining standardized connectivity methods that can be ready by early 2025. This preparation phase will allow organizations to test and optimize integrations while minimizing disruptions to existing systems.
4. The Role of Standards-Setting Bodies
The Final Rule retained the core premise that industry standards bodies play an important role in supporting compliance, including through standards that provide an “indicia of compliance.” It also clarified the definition of a standard “data format.” The FDX Board is reviewing this information to ensure that FDX continues to serve market needs effectively during this time of significant change.
5. CFPB Recognition
FDX has been officially recognized by the Consumer Financial Protection Bureau (CFPB) as a Standard-Setting Body (SSB) for open banking. This recognition reinforces FDX’s leadership in developing consensus-driven standards that support secure, interoperable, and consumer-permissioned data sharing.
Learn how your organization can align with industry standards by joining FDX. We look forward to partnering with organizations interested in advancing secure, permissioned data sharing and supporting the future of open finance.
Resources and Further Reading
