Data transparency

As more consumer data is shared across banks, fintechs and data aggregators, the industry is asking for regulators to step in with better guidance.

In a survey, bankers conceded they may not be doing enough to avoid the mistakes social media giants made in the use of unverified data.

With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur.

A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

The cloud, open development and onboarding tools should get a boost from PSD2, with mandates that banks make it easier to share payment data with fintechs in Europe.

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.

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.

Cleaning up bad data is expensive and time-consuming, but just leaving it alone costs even more. Here are strategies to improve the process.

The best solution to the current broken identity system is to flip the authentication process from third parties to the users themselves.

It’s highly debatable whether the artificial intelligence engines that online lenders typically use, and that banks are just starting to deploy, are capable of making credit decisions without inadvertent prejudices.

Under PSD2, banks are expected to admit all vetted comers, but how they will connect to them is up to the individual parties, writes Raz Rafaeli, CEO of Secret Double Octopus.

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.

One might assume, wrongly, that the successful fintech entrepreneurs are millennials who are only creating lifestyle apps for their age bracket.

Readers sound off an attempt to block prepaid regulations, threats to consumer privacy, FSOC’s political bent, the proper use for SARs, and more.

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.

Issuers and merchants aren't collaborating enough on resolving disputes and managing bad charges. More transparency and collaboration will help.