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Payments & FinTech Lawyer

The CFPBs Principles on consumer-authorised financial data sharing and aggregation

In October 2017 the US Consumer Financial Protection Bureau (CFPB) published a set of consumer protection principles, the Consumer Protection Principles: Consumer-Authorized Financial Data Sharing and Aggregation. The Principles have been released in the context of a market in which companies, including many FinTech companies, access consumers account data, with consumer consent, and then provide services to consumers which utilise data from consumer accounts, for example to provide services such as account and transaction verification. The Principles aim to work towards the CFPBs vision for a robust, safe, and workable data aggregation market that gives consumers protection, usefulness, and value. Barrie VanBrackle, Partner at Orrick, Herrington & Sutcliffe LLP, analyses each of the CFPBs Principles and considers what the stakeholders have to say about them.

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