CFPB Outlines Consumer-Authorized Financial Data Sharing and Aggregation Principles

October 18, 2017

On Wednesday, October 18, 2017, the CFPB outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. These principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives, and reiterate the importance of protecting consumers to all stakeholders that provide, use, or aggregate consumer-authorized financial data.  The nine principles outlined in the release include:

  1. Access;
  2. Data Scope and Usability;
  3. Control and Informed Consent;
  4. Authorizing Payments;
  5. Security;
  6. Access Transoarency;
  7. Accuracy;
  8. Ability to Dispute and Resolve Unauthorized Access; and
  9. Efficient and Effective Accountability Mechanisms.