Consumer Data Rights Resources

The unique and expanding conversation around consumer data rights intersects significantly with financial health. This topic page will showcase work, insights, conversations, and strategies from the Financial Health Network and our broader stakeholder network around consumer data rights.

Consumer Access to Financial Records

Feb 4, 2021. Read our comment letter on consumer access to financial records in order to:

  • Learn about the Financial Health Network’s assessment of the financial data ecosystem.
  • Understand the benefits and risks to consumer financial health brought about by access to financial records.
  • Discover actionable recommendations for the Consumer Financial Protection Bureau (CFPB) to consider in creating a financial data ecosystem that empowers financial health.

Read the Highlight

Digital Infrastructure for Fair Finance:

Flourish Ventures at Singapore Fintech Festival

Financial Health Network’s Dan Murphy recently participated in a panel discussion with Flourish Ventures at the Singapore Fintech Festival. The discussion covered:

  • Payment systems in the U.S. and why real-time payments are needed.
  • Barriers to digital identity in the U.S. and opportunities to overcome them.
  • Financial data infrastructure in the U.S., the limitations and risks it imposes on consumers and innovators , and how the system could be modernized.

Economic Impact Payments: Uses, payment methods, and costs to recipients

The Financial Health Network’s Dan Murphy recently published this report with the Brookings Institution on CARES Act stimulus payments. The report estimates how long recipients waited to receive their Economic Impact Payment (EIP), the fees some might have paid for access, and how recipients used their EIP. Some of the report findings include:

  • One in 20 eligible recipients still had not received their EIP after six months.
  • One in 10 Americans received their EIP as a paper check, despite having a bank account.
  • EIP recipients paid an estimated $66 million in check cashing fees.

Watch the Video

Economic Impact Payments: Uses, payment methods, and costs to recipients
American Banker, ‘Why data aggregators want to be regulated by CFPB’

As the Consumer Financial Protection Bureau writes data-sharing rules, the third-party firms that work with fintechs say oversight by the agency would be more efficient – and better for consumers – than being policed by their bank partners.

Read the Article

Oct. 2, 2020. 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. Explore the federal framework which governs consumer financial data in the United States, along with critical questions arising from a changing financial data ecosystem.

Find Out More

Recording: The Role of Trust in the Financial Data Ecosystem

Nov. 15, 2019. A leading fintech shares the importance of being a trusted steward for consumer data, what data governance means for consumer financial health, and their best practices for building a consumer data strategy.

Watch Now

Brief: Liability, Transparency, and Consumer Control in Data Sharing

Discover key steps that financial services providers – banks, credit unions, data aggregators, financial technology companies, and other financial data sharing providers – and regulators can take to foster progress toward an improved data-sharing ecosystem that will benefit both consumers and providers.

Read Now

Consumer Data Sharing Principles: A Brief on the Framework for Industry-Wide Collaboration

Oct. 20, 2016. Over the last two decades, the emergence of new intermediaries that aggregate data from numerous sources has enabled financial services providers of all kinds to provide consumers with a more complete view of their financial lives. This, in turn, has contributed to the recent growth of financial technology (“fintech”) companies that are using these data to provide new tools and services to consumers. This brief outlines a set of principles to guide the financial services industry as it works to establish a data-sharing ecosystem that is secure, inclusive and innovative.

Read the Brief