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CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation
Thursday, October 19, 2017 6:35 AM

The Consumer Financial Protection Bureau on Wednesday outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. The CFPB announced that these principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives.

The principles relate to data access, data scope and usability, control of the data and informed consent, payment authorizations, data security, transparency on data access rights, data accuracy, accountability for access and use, and disputes and resolutions for unauthorized access.

The CFPB said it will continue to closely monitor developments in this market and will also continue to assess how these principles may best be realized. The principles do not establish binding requirements or obligations relevant to the Consumer Bureau’s exercise of its rulemaking, supervisory, or enforcement authority.

In addition, the principles are not intended to alter, interpret, or otherwise provide guidance on existing statutes and regulations that apply in this market. Lastly, although the Consumer Bureau stands ready to facilitate constructive efforts or to take other appropriate action to protect consumers, the principles are not intended as a statement of the Consumer Bureau’s future enforcement or supervisory priorities.

View the consumer protection principles.

View the summary of stakeholder insights that informed the principles.