Consumer Financial Data: Legal and Regulatory Landscape

The use of data in financial services has the potential to promote financial health, but also requires careful evaluation to manage risks and protect consumers. This paper describes the federal framework governing consumer financial data in the United States, identifying critical questions arising from a changing financial data ecosystem.

Top Takeaways

In describing the federal framework governing consumer financial data in the United States, this working paper identifies:

• Structural questions about which entities and data are covered and which regulatory agencies have oversight in specific areas

• Interpretive and policy questions of how and when particular requirements are applied in particular circumstances