Cordray Reignites Bank-Fintech Fight After Comments on Data Sharing

From: American Banker

By Lalita Clozel

WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray has revived an ongoing dispute between banks and fintech firms over screen scraping, a method certain companies use to obtain access to consumer bank records.

In a speech on Monday, Cordray bluntly warned banks not to limit access to financial data by third-parties working on behalf of the customer — comments that elated fintech firms which rely on aggregating data to offer financial advice and other services.

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