The Consumer Financial Protection Bureau (CFPB) has released principles for protecting consumers who agree to provide third parties access to their personal data.
Lowell Putnam is the co-founder and CEO of Quovo, a data platform for financial accounts. He shares his thoughts on the move.
“The CFPB’s Principles on consumer-authorized data sharing and aggregation are an important step in the right direction. The CFPB clearly recognizes that consumer account data is a driver of financial technology innovation and competition that helps consumers improve their financial lives. These principles rightly make consumer understanding and control the guidepost for all stakeholders in the debate around access to consumer financial data.
“At Quovo we will continue to work with other stakeholders to build a more robust data-sharing ecosystem for the benefit of all relevant stakeholders: third-party innovators, financial institutions, and, most importantly, consumers.”