On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard-setting body under the CFPB’s Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data Rights rule, released in October 2024, requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free. The CFPB established a formal application process outlining the qualifications to become a recognized industry standard-setting body, which can issue standards that companies can use to help them comply with the CFPB’s rules. The CFPB also issued updated procedures for companies seeking special regulatory treatment, such as through “no-action letters.”

FDX is a standard-setting organization operating in the United States and Canada. It has over 200 member organizations, including depository and non-depository commercial entities, data providers and recipients, data aggregators, service providers to open banking participants, trade and industry organizations, and other non-commercial members, including consumer groups. FDX’s stated primary purpose is to develop, improve and maintain a common, interoperable standard for secure consumer and business access to financial records.

In September 2024, the CFPB received the application for recognition from FDX. CFPB published the application from FDX for public comment later that month. The application was then the first to be published for public comment.

The CFPB approved the application, subject to several conditions. In June 2024, the CFPB finalized a rule outlining the qualifications to become a recognized industry standard-setting body. The rule issued in June identifies the five key qualifications that standard-setting bodies must demonstrate to be recognized by the CFPB, including openness, transparency, balanced decision-making, consensus, and due process and appeals.

The order recognizes FDX as an industry standard-setting body for five years. The CFPB continues to evaluate other applications for recognition.