The CFPB has released a set of “Consumer Protection Principles” for participants “in the developing market for services based on the consumer-authorized use of financial data.”  According to the CFPB, the principles “do not themselves establish binding requirements or obligations relevant to the Bureau’s exercise of its rulemaking, supervisory, or enforcement authority” and

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information.

The ABA observes that while larger institutions have the resources to develop secure portals and the ability to impose privacy and data security requirements through contractual provisions negotiated with aggregators, community banks