The company's new agreement with Envestnet Yodlee to share customers' account data over secure pipes is its 17th pact with aggregators and other fintech firms.
Financial firms could lose access to data that’s critical to their businesses if Congress passes a privacy bill. To change lawmakers’ minds, they need to show how data in the right hands has the power to improve customers’ lives.
Banks, data aggregators and fintechs have clashed for a decade over how consumers’ bank account data should be shared with third parties. The agency says it will offer a plan, and industry officials have plenty of suggestions already.
The Federal Financial Institutions Examination Council is best suited to craft uniform policies to protect consumer data. A patchwork of state rules is cumbersome.
A class action asserts that the data aggregator accesses more of consumers' bank account information than it needs and ultimately aims to sell the data to others. Plaid, which has agreed to be sold to Visa, denies the allegations.
Financial institutions have been monitoring workers' productivity at home with tracking software and webcams. Now they're mulling whether to mandate contact-tracing apps, COVID-19 testing and other practices that could raise further privacy issues.
