CFPB To Support Third-Party Access To Financial Data

U.S. federal regulators have thrown their weight behind fintech innovators that rely on access to consumers’ account data, warning banks they may no longer be allowed to shut out third parties.

In a report published on Monday, the Consumer Financial Protection Bureau (CFPB) said the emergence of third-party fintech firms, such as account information service providers, has “begun to power a wave of new financial products and services”.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial