CFPB Considers Rules on How Banks, Fintechs Share Consumer Data

July 24, 2020, 9:46 PM

The Consumer Financial Protection Bureau is eyeing potential rules on how consumer financial data is shared between banks and fintech companies, such as personal finance apps.

The CFPB said Friday that it plans to issue an advance notice of proposed rulemaking on “open banking” by the end of the year.

The announcement follows a February CFPB symposium with bank, fintechs, and data aggregators on financial data sharing.

Consumers have seen some of their favorite payments or financial management apps like Venmo or Mint cut off by their banks, which view some aggregators’ methods as invasive or creating security vulnerabilities.

Banks ...

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