Steve Boms
Washington, D.C.
Founder @allonadvocacy and Exec Director @fdatanorth. Fmr Yodlee, Capital One, ISE, Capitol Hill.
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Articles by Steve Boms
Building an open banking framework that supports small business - The Hill Times
'Many' Fed officials think higher rates will be needed if inflation stays high WASHINGTON (AP) — Many Federal Reserve officials think the central bank will have to lift its key short-term interest rate in the coming months if inflation doesn’t subside, minutes of the Fed’s meeting last month showed. The minutes of the July 28-29 meeting, released Wednesday, don’t provide …
How Open Finance Impacts Competition, Inclusion, And Fintech Growth In The U.S.
By Steve Boms, Executive Director, FDATA. Discover top fintech news and events! Subscribe to FinTech Weekly's newsletter Read by executives at JP Morgan, Coinbase, Blackrock, Klarna and more In the United States, competition in financial services has long been driven by innovation. From ATMs to remote check deposit and peer-to-peer payments to cash-flow underwriting, new technologies have expanded consumer choice and convenience.
How Open Finance Impacts Competition, Inclusion, and Fintech Growth in the U.S.
By Steve Boms, Executive Director, FDATA. Discover top fintech news and events! Subscribe to FinTech Weekly's newsletter Read by executives at JP Morgan, Coinbase, Blackrock, Klarna and more In the United States, competition in financial services has long been driven by innovation. From ATMs to remote check deposit and peer-to-peer payments to cash-flow underwriting, new technologies have expanded consumer choice and convenience.
OPINION: Seeing your data is the next step in consumer empowerment
Privacy is strongest when consumers are active participants, not passive subjects • • You can save this article by registering for free here. Or sign-in if you have an account. Steve Boms is executive director at the Financial Data and Technology Association. Each year, Data Privacy Day serves as a reminder of how deeply embedded data is in our daily lives, not just as a record of what we do, but as a resource that shapes the choices available to us. This year, it arrives at a pivotal moment.
The CFPB's Section 1033 rule is a good start, but could be much better
Last October, the Consumer Financial Protection Bureau proposed a rule that, once implemented, will reshape how consumers interact with their personal financial data. As proposed, the CFPB's rule implementing Section 1033 of the Dodd-Frank Act would...
Regulators can relax. Open banking rules won't increase liquidity risk.
Recent bank failures have understandably captured the attention of North American consumers, markets and, of course, regulators. But while it is unquestionable that there are lessons to be learned for the banking sector and regulators in the wake of...
Somaliland asks Canada for help amid superpower rivalry in Horn of Africa
Somali’s breakaway Somaliland region is asking Canada for international recognition and aid, saying it’s important for Western countries to support a functioning democracy that’s resisting China’s influence in the Horn of Africa. The self-declared state, which split from Somalia 30 years ago, sent its Foreign Minister, Essa Kayd, to Washington, London and Ottawa recently as part of a campaign to refashion its external relationships. A U.S. congressional staff delegation later visited Somaliland.
FDATA North America Canadian Financial Data Access Competition
Consumers and small businesses in Canada have become increasingly reliant on financial services and products offered by financial technology ("fintech") providers. Today, as many as fourmillion Canadians utilize fintech tools to improve and manage their financial wellbeing. Regardless of the type of product or service offered by fintech firms, all rely on the ability of the consumer or small business to grant them access to their financial data, which is typically held at a financial institution.
In Face of COVID-19, Fintech Important Tool for Canadians
Parliament is in recess. The border with the United States is largely shut down, and millions of Canadians are being urged to stay at home as policymakers across the provinces attempt to stem the tide of COVID-19 cases. With their mobility restricted, housebound families, retail businesses, and teachers have turned to apps to get them through this unprecedented period.
Industry-Led Groups Only First Step to Open Banking
The era of open banking—where consumers and small businesses have full control of their financial data—is upon us. The United Kingdom, Australia, and the European Union have led the way, but there is now work afoot in the United States to establish private sector working groups to begin to design voluntary open banking standards. But there is only so far these groups can take us. Lawmakers and regulators must regard these voluntary consortia as a conversation starter, not an end point.
Industry-led groups are only the first step to open banking
Steve Boms is the executive director of the North American arm of the Financial Data and Technology Association. All opinions expressed are author's own. The era of open banking, where consumers and small businesses have full control of their financial data, may finally be upon us. The U.K., Australia and the European Union have led the way, but there is work afoot in the U.S. to establish private-sector working groups to begin to design voluntary open banking standards.
Open Banking and the Wealth Gap
President Donald Trump just traveled to London to talk trade, but it is Rep. Gregory Meeks (D-N.Y.) who has imported Britain’s best idea. Meeks, who heads the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, is expected to introduce legislation before the July 4 recess to study how Open Banking can be brought to the United States.
Open Banking: Consumers Must Have Right To Share Data
Millions of Canadians have turned to financial technology, or fintech, which provides intuitive, accessible platforms that enable even the least financially savvy consumers to manage finances and improve economic outcomes. Fintech applications allow Canadians to see the totality of their financial accounts in one place, find lower loan rates or better loan terms or avoid predatory products and services, and compare fees across different product offerings.
Open Banking: The Bipartisan Issue of 2019
While the U.S. government hobbles from one crisis to the next — the partial shutdown is just the latest example — policymakers in several other countries are staking out long-term positions that embrace financial technology innovation for the benefit of their citizens. On open banking, we must catch up, and there’s hope we can. Despite partisan gulfs on so many other major issues, there’s broad bipartisan excitement about open banking.
Help NJ families tackle household debt | Opinion
Steve Boms, Special to NorthJersey.com Published 3:57 p.m. ET Nov. 30, 2018 Average credit card debt is $16,000(Photo: Suburban New/Gary Jung) According to data compiled by Experian, New Jersey consumers have, on average, more credit cards in their pockets than the residents of any other state. Even more telling, the average New Jersey household has more than $7,150 in credit card debt, the fourth-highest rate in America.
For Canadian Consumers and Small Businesses, Open Banking is the Way Forward
The national budget passed by Parliament this February requires the Department of Finance to offer findings and recommendations for a move toward open banking. Lawmakers didn’t set a deadline, but Finance Canada is already engaging with industry stakeholders to solicit input. Canada’s movement toward open banking cannot come soon enough. The march toward open banking is well underway globally, from Europe to Australia, and India to the Middle East.
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