The financial services industry has struggled with how best to explain privacy and data-sharing practices to customers. Mastercard is offering a new framework.
A paper released by the agency’s Center for Financial Research says aspects of someone’s digital footprint — including whether they use Apple or Android — help predict likelihood of default.
Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually.
While the Consumer Financial Protection Bureau was careful to note that the principles were not binding, the industry should still adopt the guidelines going forward.
The companies will use an application programming interface to let Chase customers send the data to the apps Finicity supports, including personal financial services apps and income verification tools.
