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Banks, Fintechs Put Customer Data Sharing Back in CFPB’s Court

Feb. 26, 2020, 10:31 AM

The CFPB has held off for years on putting rules around how data aggregators can reach into banks to feed customer data to personal finance apps and other fintech products and services.

Banks, fintechs, and data aggregators will have a chance to weigh in Wednesday at a day-long event on how the Consumer Financial Protection Bureau should regulate financial data sharing. The agency still has to decide whether it wants to regulate at all.

At stake are the future contours of fintech products and services, financial sector competition, as well as consumers’ understanding of how their data is handled.

Regulators’ ...