Consumer Data Sharing

More than ever, people are using newer digital tools to help them manage their finances. Whether it’s using financial management apps like Mint or Albert to track their spending or relying on Digit to help them set aside savings, Americans have grown accustomed to real-time access to their financial information. In response to these and similar reports, the Consumer Financial Protection Bureau, citing its authority under Section 1033 of the Dodd-Frank Act, issued a Request for Information in October 2016 to better understand how data aggregation technology works and what the benefits β€” and risks β€” are for consumers.

Consumers benefit from having a choice of financial providers β€” and this includes both their banking relationships and the apps they use to manage their financial lives. The industry can come together to develop shared standards and protocols that will lead to greater transparency, trust and inclusiveness in the system. The Center for Financial Services Innovation has proposed a set of consumer-focused principles for data sharing that provides a starting point.

Consumer Data Sharing