CFDR Group Response to CFPB Principles For Consumer-Authorized Financial Data Sharing and Aggregation

On October 18, the Consumer Financial Protection Bureau (CFPB) outlined principles for consumer-authorized financial data sharing and aggregation. Below are statements from the Consumer Financial Data Rights (CFDR) group in response to the CFPB announcement: 

“The CFDR group and its 35 member companies applaud the Consumer Financial Protection Bureau’s (CFPB) publication of thoughtful principles regarding a consumer’s ability to share their financial data through third-party tools that can help improve their financial lives. As a group, we have sought to bring the voice of the consumer into this debate. We are pleased that the CFPB’s principles align with the CFDR’s view: consumers – not their bank – should control their own financial data.”  

– The CFDR Group 

“The principles published today by the Consumer Financial Protection Bureau (CFPB) enshrine core tenets that all responsible players in the financial services ecosystem should adopt: consumers should have full control of their financial data and should expect transparency and security from the entities to which they permission it. The Bureau’s release of data-sharing principles represents a huge win for consumer financial wellness.”  

– Steve Boms, VP of Government Affairs, Envestnet | Yodlee and CFDR Member 

To protect your financial freedom, lend your voice by  tweeting,  posting to Facebook, or  submitting a complaint  to the CFPB. Stand up and protect your financial data freedom today.