Client Alert

CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation

19 Oct 2017

On October 18, the Consumer Financial Protection Bureau released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection principles follows a November 2016 Request for Information in which the CFPB asked stakeholders in the data sharing and aggregation market to comment on consumer benefits and risks associated with developments that rely on financial account information. The publication of the principles was accompanied by a press release and a 12-page summary of issues raised by stakeholders that informed the development of the principles.

The stakeholder report emphasizes that aggregation market participants generally called for “[consumer protection] practices that are based on a shared set of standards and expectations.” The principles reflect a response to this desire for uniformity.

Read our client alert.



Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.