The Consumer Financial Protection Bureau (CFPB) has officially designated Financial Data Exchange (FDX) as a Standards Setting Body as of January 8, 2025. This landmark decision, following the release of Section 1033 last year, sets the stage for a regulated open banking framework in the United States.
This guide provides insight and direction to technology teams at banks, financial institutions and other financial data-holders in the US ecosystem who are preparing to comply with Section 1033.
Are you a bank or financial institution looking to select an open banking platform for compliance and commercial purposes? Here are a few considerations to guide you through the process.