What aggregators like Plaid and Yodlee think of future of data sharing

  • The CFPB announced plans in late October to issue data-sharing rules when it comes to financial data that moves between banks, data aggregators, and third-party fintechs.
  • With both compliance and competition concerns, banks have differing approaches when it comes to permissioning consumer data.
  • That’s led to a fragmented ecosystem, where banks and data aggregators maintain separate bilateral agreements on what data should be shared.
  • Both aggregators and banks are supportive of establishing a clear framework for data sharing. But there are considerations around oversight and liability that need to be ironed out.
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