Financial Data Exchange (FDX) has submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in response to its Advance Notice of Proposed Rulemaking (ANPR) for the Personal Financial Data Rights (PFDR) Reconsideration. 

In its letter, FDX describes why open, industry-led technical standards are a critical ingredient for a thriving ecosystem that supports innovation, efficiency, security, and consumer control.

Key Points from FDX’s Submission

• Industry-Led Standards Benefit the Market: FDX’s letter details how open, consensus-based standards—such as the FDX API standards—advance continuous innovation, promote competition, and capture broad industry expertise while ensuring consumer control, security, and transparency.
• Regulatory Clarity is Essential: FDX urges the CFPB to provide clarity around the role of standardized developer interface data formats to help prevent market fragmentation and support continued interoperability across the financial ecosystem.
• Regulatory direction on Open Standards: If a new PFDR rule requires developer interfaces for the sharing of covered data with third parties, FDX believes it is critical for CFPB to provide direction on the use of technical standards issued by industry-led standard setting body(s) that meet the attributes of openness, balanced decision-making, consensus, due process and appeals, and transparency.

With more than 200 member organizations and over 114 million consumer connections established through APIs that align with FDX standards, FDX continues to lead collaborative efforts to build a secure, interoperable framework for permissioned financial data sharing in North America.

Read the full comment letter submitted to the CFPB here.