Consumer Financial Data Aggregation: Identifying Key Concerns and the Potential for Regulatory Intervention
What is it about?
- Examining the various ways that consumer financial data aggregators obtain, maintain, use and disclose consumers’ financial data
- Screen scraping
- Application Program Interfaces (“APIs”)
- Product aggregators
- Assessing the latest policy debates and regulatory activity surrounding these practices, both here and abroad
- Understanding the divergent interests between banks, aggregators, Fintechs and regulators
- What are the banks’ major concerns with aggregators’ business models?
- Taking a close look at the CFPB’s outlined principles for consumer-authorized financial data sharing and aggregation
- What do these points indicate about the CFPB’s future enforcement or supervisory initiatives in this space?
- Analyzing the regulatory approaches to data access in the EU and UK
- Best practices for operating in an uncertain regulatory environment in the near term
- Key components of an effective self-regulatory system