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CFPB outlines principles for consumer financial data sharing

Joe Mont | October 20, 2017

The Consumer Financial Protection Bureau, with an Oct. 18 announcement, has outlined principles for protecting consumers when they authorize third party companies to access their financial data.

The principles “reiterate the importance of protecting consumers to all stakeholders that provide, use, or aggregate consumer-authorized financial data.”

Many companies, including FinTech firms, banks, and other financial institutions, get authorization from consumers to access their account data that reside in separate organizations to provide a variety of products and services. These include fraud screening and identity verification, personal financial management, and bill payment.

The CFPB has studied consumer-authorized data access and issued a Request for Information in 2016 to gather public and industry feedback.

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