Fintech One-on-One

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

In this episode, Steve Boms, Executive Director of FDATA North America, outlines the current landscape of U.S. open banking, focusing on the pending amendments to the CFPB's Section 1033 rule and FDATA’s position that banks should not charge fees for consumer‑directed data access. He explains how a fragmented patchwork of state privacy, AI, and fintech regulations complicates progress, and argues that the rise of agentic AI—requiring clear consent, robust APIs, and liability frameworks—could finally drive meaningful open banking reforms. Boms also shares FDATA’s origins, its role in shaping policy over the past decade, and his concerns about regulatory Balkanization, while expressing optimism that AI will catalyze clearer, standardized rules.