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The Treasury released a report on Tuesday on the state of fintech in the US and provided recommendations for how to foster further innovation in the space. Notably, the report recognized the benefits of consumer data aggregation and how it has been integral in finance’s technological transformation - a theme central to Quovo's products.
Lastly, the report recommended that the CFPB work with private companies to develop a set of best practices for ensuring that consumers are made aware of who is receiving their data and for what purposes it will be used and provide informed consent. In addition, the conditions should explicitly outline in plain language who is accessing a consumer’s data, why, and for what purpose. If the idea of a consumer is expanded to include those they permission to act on their behalf, then it is only appropriate that the consumer fully understands who they’re permissioning and why.
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