On October 18, the Consumer Financial Protection Bureau
("CFPB" or "Bureau") entered into the
long simmering debate over consumer-authorized data sharing.
This debate pits mainstream financial institutions, which are
typically reticent to share customer data with third parties,
against data aggregators and other fintechs. Those newer
companies provide services directly to consumers—or to
enhance the consumer experience—and rely on data from
mainstream institutions in order to do so. Both sides are
grappling with complex issues surrounding consumer information,
including who owns consumers' financial data as well as how it
can be used, shared, and kept secure. The CFPB released a set
of nine consumer protection principles to address those and
other issues and "help safeguard consumer interests as the
consumer-authorized aggregation services market
develops." Read the full report on our sister site, the
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ARTICLE
25 October 2017
Banks, Fintechs and Consumer Data: The CFPB Weighs In
Reed Smith
Contributor
On October 18, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") entered into the long simmering debate over consumer-authorized data sharing.
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