Rick Fischer, Obrea O. Poindexter, Trevor R. Salter, and Jennifer S. Talbert
Financial Services, FinTech, Privacy + Data Security, and Finance
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.
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