A CFPB policy everybody seems to like (really) | American Banker


Both banks and fintech are satisfied for now with the CFPB's nonbinding principles on data-sharing. But the statement may lay the groundwork for future regulation. The CFPB’s principles, issued Wednesday, say consumers should be able to authorize third parties to obtain their financial information, for their benefit and in a safe manner. Under the principles, consumers should have control over and provide informed consent around how their data is accessed, stored, used and disposed.

The so what: Consumer access to banking data and data portability is extremely important to all of financial technology. A lot of fintech products are dependent upon banking data and the CFPB is taking a thoughtful approach towards encouraging innovation. 


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