With the release of the Consumer Financial Protection Bureau’s (CFPB) landmark rule on Personal Financial Data Rights, the U.S. moves closer to a more transparent, consumer-driven financial system. This regulation gives individuals secure access to their financial data while establishing robust standards for data protection across the industry. At Yodlee, we’re encouraged by this shift and are prepared to help institutions and consumers navigate this new landscape.
“The CFPB's final rule will profoundly change the way consumers interact with their financial services,” said Kat Cloud, Principal Director of Open Banking Compliance at Yodlee. “Now more than ever, consumers will have transparency and safety at the heart of their everyday banking—an essential benchmark to encourage data accessibility across the financial sector. These measures are crucial for promoting trust and reliability.” She further emphasized, “The final rule's focus on market-led standards for data access aligns with Yodlee’s commitment to a fair, open, and inclusive financial ecosystem. We believe these standards will not only ignite innovation, but also broaden the array of secure and dependable financial services available to consumers.”
Yodlee’s Approach to Open Banking Standards
Yodlee’s suite of data solutions is crafted to help institutions confidently navigate these new regulatory requirements, prioritizing privacy and compliance. Our solutions—spanning data authorization, management, and risk—are designed to simplify the compliance process and ensure robust data protection practices that align with the CFPB’s final rule. Through API-based data sharing, we provide institutions with connections across our network, empowering them to offer consumers seamless, safe access to their financial data.
Looking Ahead to an Open Financial System
The CFPB’s final rule is a major step toward a more open, transparent financial ecosystem. As this landscape continues to evolve, Yodlee remains committed to supporting a future where consumers have more control and access to innovative financial services. Working alongside our clients and partners, we’re focused on shaping an inclusive, accessible financial environment.
To learn more about Yodlee’s work in open banking and consumer data rights, visit our open banking resources or follow us on LinkedIn.
