FDX Takes Steps to Evolve its Governance as a Fair, Open and Inclusive Industry Standards Body

FDX is the leading technical standards body for open finance data sharing in the U.S. and Canada. Through the work of our members, 76 million consumer accounts have been transitioned from sharing data via credential “screen scraping” to the FDX API. Also, hundreds of market participants, non-profits, consumer groups and industry stakeholder FDX members have contributed to the development and maintenance of successive versions of the FDX API specification as it expands and adapts every six months to meet everchanging market needs and innovations.

FDX is committed to continuing to unify the financial services ecosystem around a common, interoperable and royalty-free technical standard for user-permissioned financial data sharing.

In line with this mission, the FDX Board approved a resolution this week to undertake significant changes to evolve FDX’s governance, ecosystem representation, structure, and Board composition. In addition to our existing healthy governance practices, FDX is taking these steps to better align the with the attributes for fair, open and inclusive qualified standards bodies that the Consumer Financial Protection Bureau (CFPB) lists in its Dodd-Frank Act Section 1033 Personal Financial Data Rights proposed rulemaking and that the Office of Management & Budget (OMB) describes in Circular A-119. These governance changes are in line with the scope FDX believes it is suited for under a final 1033 rule.

A description of the upcoming evolution of FDX’s governance, ecosystem representation, structure, and Board composition can be found in the letter FDX sent to the CFPB earlier this week HERE.

Once the CFPB has codified and published the attributes that standard-setting organizations must demonstrate to be recognized, FDX will seek formal recognition from the CFPB and will share more complete information as needed about how FDX meets the criteria of Openness, Balance, Due Process, Appeals, Consensus and Transparency.

Posted on 4/18/2024