and the data aggregator must certify to the consumer, either as part of the authorized third party’s disclosure or separately, that it will comply with the Rule’s data access conditions and restrictions.
the Rule potentially creates conflict with established antitrust principles. Generally, a competitor has no duty to deal with a competitor. Yet, the Rule will allow not only a consumer, but also third-party requesters, including data brokers and data aggregators, that have been authorized ...
On October 22, 2024, the U.S. Consumer Financial Protection Bureau (CFPB) issued a final rule under Section 1033 of the Consumer Financial Protection Act of 2010.1The final rule includes several important changes from the proposed rule. This client alert focuses on those changes. For ...
The Treasury Department issued areport in 2022finding that “…there is virtually no regulatory oversight of data aggregators’ storage of consumer financial information akin to the supervision of [banks’] data security.” Giving third parties access to a customer’s bank account without regulatory ...
principles of control, access, transparency, traceability, and security. Membership is open to financial institutions, fintech companies, financial data aggregators, consumer advocacy groups, payment networks and other industry stakeholders. For more information and to...
The final rule revises and slightly expands the bases upon which a data provider may deny access to an authorized third party or data aggregator. Under the final rule, access may be denied if granting access would be inconsistent with policies and procedures reasonably designed to ...