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Legal Update

Whose Data Is It? CFPB Releases Consumer Protection Principles for Consumer-Authorized Financial Data Sharing and Aggregation

2 November 2017
Mayer Brown Legal Update
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 mechanisms. On October 18, 2017, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released guidance that is intended to provide the Bureau’s “vision for realizing a robust, safe, and workable data aggregation market that gives consumers protection, usefulness, and value.” This Legal Update provides background on the issues the guidance addresses, details on the guidance and observations one what it may mean for consumers, fintech companies and the financial services industry as a whole.

Authors

  • David L. Beam
    T +1 202 263 3375
  • Jeffrey P. Taft
    T +1 202 263 3293
  • Laurence E. Platt
    T +1 202 263 3407
  • Jonathan D. Jaffe
    T +1 650 331 2085
  • Rajesh De
    Partner
    T +1 202 263 3366
  • Stephen Lilley
    T +1 202 263 3865
  • Kendall C. Burman
    T +1 202 263 3210
  • Matthew Bisanz
    T +1 202 263 3434
  • James K. Williams
    T +1 202 263 3891
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