Consumer Protection Principles: Consumer-authorized financial data sharing and aggregation
Consumer-authorized access and use of consumer financial account data may enable the development of innovative and improved financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives. To accomplish these objectives, however, such access and use must be designed and implemented to serve and protect consumers. The Bureau intends for these Consumer Protection Principles to help safeguard consumer interests as the consumer-authorized aggregation services market develops. The Principles are intended to be read together. They are not intended to alter, interpret, or otherwise provide guidance on—although they may accord with—existing statutes and regulations that apply in this market.
The feedback received by the Bureau acknowledges consistently the importance of ensuring consumer protections for safe access to, and controlled use of, consumer financial data by consumers and third parties. While few if any individual stakeholders enumerate all of the consumer protection concerns presented in the Bureau’s Principles, stakeholders generally recognize the need for market participants to work to develop data access and use practices that are based upon a shared set of standards and expectations and that address consumer protection.