Over the past few weeks, we covered the data battles taking place in fintech. As the CFPB deliberates on whether to defend data aggregation, we urge them to remember their mission to “empower consumers to take more control over their economic lives.” To grant data ownerships to banks, rather than consumers, would represent a stark failure of the CFPB to deliver on this mission.
We encourage anyone who cares about their data to write the CFPB at the email address below. As Plaid, Yodlee, and other tech innovators have argued, continuing to innovate in fintech relies on customer data ownership. Here is the letter we sent to regulators: