News Topic: Data sharing
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The race to build data-sharing hubs for banks — and end screen scraping
Will CFPB take cues from Canada in writing data-sharing rules?
Plaid stockpiles funding with investments by JPMorgan, American Express
Plaid settles class-action lawsuit for $58 million
Open banking must be a two-way street
What Biden's data portability push means for banks
Plaid and U.S. Bank agree to share bank customer data through an API
Why data aggregators want to be regulated by CFPB
As the bureau writes data-sharing rules, the third-party firms that work with fintechs say oversight by the agency would be more efficient — and better for consumers — than being policed by their bank partners. ... Read full article
BofA, Chase, Wells Fargo pilot service to rein in screen scraping
The three banks have joined others in a program endorsed by The Clearing House that aims to make data-sharing agreements with aggregators like Plaid and Finicity work more effectively. ... Read full article
Plaid's future without Visa
Now that the data aggregator is no longer joining forces with the card network, it’s on to plan B, which includes developing better relationships with banks. ... Read full article
PNC sues Plaid for trademark infringement
The Pittsburgh bank says the data aggregator deceptively uses PNC's logo in obtaining bank customers' login credentials. ... Read full article
CFPB sets stage for long fight on data-sharing rule
As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security. ... Read full article
Visa to face U.S. antitrust suit over Plaid acquisition
The U.S. Justice Department sued to block Visa’s $5.3 billion deal for the data aggregator over concerns that it would harm competition in the global payments market. ... Read full article
Consumers have too little control over how their data is shared
Despite tougher privacy regulations, further safeguards are needed that require consumers' clear consent before personal information is exchanged. ... Read full article
Plaid ‘surprised’ by TD Bank trademark suit, denies allegations
Plaid said it has been in discussions with TD Bank over allegations of trademark infringement and false advertising and was caught off-guard by the lawsuit the bank filed Wednesday. ... Read full article
TD Bank sues Plaid for trademark infringement, false advertising
In a lawsuit filed Wednesday, the U.S. subsidiary of Toronto-Dominion Bank accused the data aggregator Plaid of improperly using the bank’s name, trademarks and logos when it gathers TD customers' data. ... Read full article
Small Louisiana bank gives customers tool to safeguard their data
Origin Bank is rolling out software to let customers curb or shut down account-data sharing with third-party apps. In the process, it hopes to learn a lot about client behavior and preferences that it could use in its own products. ... Read full article
Wells Fargo says it has nearly eliminated screen-scraping threat
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. ... Read full article
CFPB veteran Fuchs takes on new legal challenges at Plaid
Meredith Fuchs, formerly the top lawyer at the Consumer Financial Protection Bureau, says data aggregators like Plaid "have matured." She will help the company prepare for new data-sharing rules and its pending sale to Visa. ... Read full article