Banks Should Look in Mirror Before Preaching to Data Aggregators
By Karen Shaw Petrou
Last week, we released our analysis of the Consumer Financial Protection Bureau’s request for information (RFI) on data-aggregation services. Like many CFPB initiatives, this one has been widely discounted on grounds that the CFPB will soon be disemboweled. Maybe so, but the data-aggregation debate isn’t a typical one between financial institutions and consumer advocates. It’s a critical battle between different industry sectors over the most precious asset owned now by every established financial services firm: its customer database.