Bloomberg Law: Small Banks Urge CFPB to Phase in Open Banking Tech Requirements

Currently data aggregators such as Plaid and Yodlee use screen scraping as a key tool to facilitate data transfers between banks or other financial companies.

Banks and privacy advocates have warned about security and privacy risks associated with scraping, such as letting a third-party misuse consumer credentials or collect more data than authorized.

Data aggregators also have been accused of selling consumer data without consent, according to nonprofit Electronic Privacy Information Center.

Read the full article here.