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Complete Story
03/18/2020
OCC did its part to secure customer data. Now it’s CFPB’s turn.
BankThink
The Office of the Comptroller of the Currency recently made clear that banks aren’t necessarily entering third-party relationships when they allow customers to use fintech apps powered by aggregators.
This presents a potential benefit for consumers, banks, aggregators and fintechs — but only if everyone works together to get it right. If not, it could create compliance burdens that limit consumer choice.
Consumers have the right and ability to control, access and share their own financial information with the apps they choose. This has been true since the Dodd-Frank Act of 2010. But the question remained as to how companies should manage that new reality.
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