Congress urged to strengthen financial data protections

By Elise Hansen (Sept. 21, 2021, 6:02 p.m. EDT) – Consumers need better options to understand and meaningfully choose how their information is used and shared by financial service providers, witnesses told the group US House of Representatives work on Finance Technology Tuesday.

Representatives have heard calls for clearer legal and regulatory lines regarding data sharing between financial institutions and third parties, as well as calls for more robust and informed consent from users whose information is aggregated and shared.

“There are limits to the ways in which individual consumers can make meaningful choices about how their personal data is used,” said Raúl Carrillo, associate researcher at Yale Law School …

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