Democrats Call for FTC Probe of Financial Data Giant Yodlee (1)

Three senior Democrats are calling on the Federal Trade Commission to investigate financial data aggregator Yodlee’s data privacy practices.

Yodlee, a subsidiary of Envestnet Inc., doesn’t give consumers adequate notice about how it collects and sells their sensitive financial transaction data, Sens. Ron Wyden (D-Ore.) and Sherrod Brown (D-Ohio) as well as Rep. Anna Eshoo (D-Calif.) said Friday in a letter to the FTC.

The lack of disclosure may violate the FTC rules prohibiting unfair and deceptive acts or practices, according to the lawmakers.

“The FTC has made it clear that companies may not hide important facts about how consumer ...