WASHINGTON The Office of the Comptroller of the Currency issued guidelines Friday for banks in the account aggregation business.
Safety and soundness are of paramount importance when delivering aggregation services, Clifford Wilke, the agencys bank technology director, said in an accompanying press statement.
Consumers use aggregation services to track all of their financial accounts on one Web site. The service provider gathers information, including confidential account data from credit card, brokerage, and bank accounts.
The guidelines stress the need for banks to maintain information security and customer privacy in every stage of transactions and data transmission. If banks do not have adequate tracking mechanisms showing who obtained what information and who initiated a transaction, the aggregator might be held liable, the OCC said.