Bylined article by partners David Beam, Jonathan Jaffe, Jeff Taft and Kendall Burman. Partners Laurence E. Platt, Rajesh De and Stephen Lilley, and associates Matthew Bisanz and James K. Williams also contributed to this article.
Whose Data Is It? CFPB Releases Consumer Protection Principles for Consumer-Authorized Financial Data Sharing and Aggregation
A new generation of fintech providers is offering products that allow customers to access and aggregate information about accounts at other financial institutions that have no relationship with the fintech provider, raising new questions around the privacy, security and accuracy of consumer financial data, as well as concerns around improper payment authorization and consumer dispute