Open banking in the United States has been on a long and winding road, and the journey is far from over. In this episode, I sit down with Steve Boms, Executive Director of FDATA North America, the trade association representing the fintech companies at the heart of the open banking ecosystem. Steve has been one of the most active voices in shaping U.S. open banking policy for over a decade, and he brings a uniquely informed perspective to where things stand today.

We dig into the current state of the 1033 rule and what amendments are likely coming, FDATA's firm stance that banks should not be permitted to charge fees for consumer-directed data access, and the growing complexity created by a patchwork of state-level regulations on data privacy, AI, and fintech products. We close with a fascinating discussion on how agentic AI, with its need for clear consent frameworks, robust APIs, and defined liability rules, could become the next major catalyst that finally forces meaningful open banking progress in this country.

In this podcast you will learn:

The origin story of FDATA in the UK and how it came to the US.
How Steve has been involved with CFPB and Section 1033 since 2015.
Over the next 10+ years, how FDATA has been engaged in open banking policy.
How open banking and open finance has evolved in the UK.
Who their members are and what FDATA does for them.
Where we are at today when it comes to the 1033 rule.
The FDATA view on banks charging fees for access to their data.
Why this is not really a bank versus fintech fight.
Why it may be many years before we have a final rule for open banking.
Why data access negotiations have been put on pause for now.
What else Steve is working on beyond open banking.
Why he is increasing concerned about the Balkanization of financial services regulation (see his recent Open Banker column).
How they coordinate with the other fintech trade associations.
How they think about the standardization of API and other data standards.
Why Steve is optimistic about the future of open banking in the U.S.
Why AI agents could be a catalyzing force for clear open banking rules.

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Open Banking, 1033, and the Agentic AI Catalyst - Steve Boms, Executive Director of FDATA