The CFPB posted on Tuesday an application submitted by the Financial Data Exchange (FDX) to become a recognized standard-setting organization (SSO) to facilitate the implementation of section 1033 of the Dodd-Frank Act. The section outlines requirements for consumers to be able to access their financial data.
America’s Credit Unions’ legacy organizations previously asked the CFPB to promptly identify an SSO with existing industry recognition to ensure that credit unions can align API specifications with a recognized standard in advance of any final compliance deadline.
Comments on the FDX application are due Oct. 16. The CFPB will post any future applications for public comments.
