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.
By making it easier and safer to share data with third parties, Wells Fargo's Brett Pitts says he is strengthening the bank's relationships with customers.
With the reversal of Obama-era rules requiring user consent for data collection, it is more important than ever for U.S. banks and fintechs to demonstrate a robust and consistent approach to data privacy.
Readers sound off on airing political opinions at the office; putting banks and fintechs under the same regulatory umbrella; putting consumer needs first regardless of tech advancements; and more.
