NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, October 28, 2016

LAS VEGAS, NV – The Center for Financial Services Innovation (CFSI) today released its guide for the responsible sharing of consumer financial data: “Consumer Data Sharing Principles: A Framework for Industry-Wide Collaboration.”

This framework builds on Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s remarks yesterday at Money20/20 in which he made clear that consumers should own their financial information and retain the right to share it with third-party companies. The CFSI guide serves as a roadmap helping fintech innovators, data aggregators and financial institutions work together in support of improved consumer financial health outcomes.

“As evidenced by Director Cordray’s comments, the ownership and sharing of consumer financial data has become a crucial topic to both financial services organizations and innovators alike,” said CFSI CEO Jennifer Tescher. “We share the view that consumers’ ability to understand, manage and improve their financial health requires having a full picture of their financial lives. By working with a wide range of stakeholders we have assembled a sensible, yet actionable set of principles that encourages everyone to collaborate in the best interests of the consumer — and that will help accelerate innovation in this critical space.”