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1700 G Street, N.W ., Washington, DC 20552
October 18, 2017 Consumer Protection Principles:
Consumer-Authorized Financial Data Sharing and Aggregation
In the Dodd-Frank Act, Congress instructed the Bureau to implement and enforce consumer
financial law “for the purpose of ensuring that all consumers have access to markets for
consumer financial products and services and that markets for consumer financial products and
services are fair, transparent, and competitive.”1 Congress further instructed the Bureau to
exercise its authorities so that “markets for consumer financial products and services operate
transparently and efficiently to facilitate access and innovation.”2
For some time, a range of companies—many of them “fintech” companies—have been accessing
consumer account data with consumers’ authorization and providing services to consumers using
data from the consumers’ various financial accounts. Such “data aggregation”-based services
include the provision of financial advice or financial management tools, the verification of
accounts and transactions, the facilitation of underwriting or fraud-screening, and a range of
other functions. This type of consumer-authorized data access and aggregation holds the promise
of improved and innovative consumer financial products and services, enhanced control for
consumers over their financial lives, and increased competition in the provision of financial
services to consumers.
There are many significant consumer protection challenges to be considered—particularly with
respect to data privacy and security—as these technologies and practices continue to develop. In
part through a November 2016 public Request for Information, the Bureau is aware that a range
of industry stakeholders are working, through a variety of individual arrangements as well as
broader industry initiatives, on agreements, systems, and standards for data access, aggregation,
use, redistribution, and disposal. The Bureau believes that consumer interests must be the priority
of all stakeholders as the aggregation services-related market develops. A common
understanding of consumer interests is essential so that effective consumer protections can be
integrated consistently into this market.
As a result, the Bureau today is releasing a set of Consumer Protection Principles intended to
reiterate the importance of consumer interests to all stakeholders in the developing market for
services based on the consumer-authorized use of financial data. The Principles express the
Bureau’s vision for realizing a robust, safe, and workable data aggregation market that gives
consumers protection, usefulness, and value.
1 12 U.S.C. 5511(a).
2 12 U.S.C. 5511(b)(5).
