ENVESTNET | YODLEE COMMENDS CONSUMER FINANCIAL PROTECTION BUREAU FOR PROPOSED RULE TO ACCELERATE SHIFT TOWARD OPEN BANKING IN THE U.S.

Rhea-AI Summary

Envestnet | Yodlee commends the CFPB for proposing a rule to establish Personal Financial Data Rights. The rule aims to empower consumers, strengthen data access and security, and promote trust and reliability in the financial sector.

Positive

• The proposed rule sets strong privacy safeguards for consumers' sensitive data, promoting trust and reliability.
• The focus on market-led standards for data access can ignite innovation and broaden the array of financial services available to consumers.

Negative

• None.

BERWYN, Pa., Oct. 19, 2023 /PRNewswire/ -- Envestnet® | Yodlee® commends the Consumer Financial Protection Bureau (CFPB) for its progressive proposal to establish a Personal Financial Data Rights rule, as unveiled today. This rule, aimed at implementing section 1033 of the Consumer Financial Protection Act of 2010 (CFPA), represents a significant stride toward empowering consumers and strengthening data access and security.

"The CFPB's proposed rule not only calls for transparency but also sets strong privacy safeguards for consumers' sensitive data—an essential benchmark for data accessibility across the financial sector. These measures are crucial for promoting trust and reliability," said Lisa Novier, Head of Governance, Risk & Compliance for Envestnet | Yodlee. "Additionally, the proposal's focus on market-led standards for data access aligns with our 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."

"As a company deeply dedicated to advancing financial wellness and data access, Envestnet | Yodlee supports the CFPB's efforts to establish a framework for consumers while safeguarding their data. We anticipate engaging constructively with the CFPB and other stakeholders throughout the rulemaking process to actively empower consumers and drive innovation in financial services," added Ms. Novier.

Envestnet | Yodlee, with its industry-leading footprint, offers data, open banking connectivity, digital solutions, analytics and differentiated experiences to its customers, delivered and embedded through APIs and standalone portals. Its solutions empower customers – including financial institutions in banking; technology wealth management and financial advisors; small and medium-sized businesses; and their end consumers – to intelligently connect, grow, protect, and manage the financial wellness of their business all in one place.

About Envestnet

Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life™. With more than $5.4T in platform assets – more than 107,000 advisors, 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For more information, please visit www.envestnet.com, and follow us on LinkedIn and X (@ENVintel).

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SOURCE Yodlee

FAQ

What is the purpose of the CFPB's proposed rule?

The proposed rule aims to establish Personal Financial Data Rights, empowering consumers and strengthening data access and security.

What are the benefits of the proposed rule?

The proposed rule sets strong privacy safeguards for consumers' sensitive data and promotes trust and reliability in the financial sector. It also focuses on market-led standards for data access, which can ignite innovation and broaden the array of financial services available to consumers.

Who supports the CFPB's efforts?

Envestnet | Yodlee supports the CFPB's efforts to establish a framework for consumers while safeguarding their data.

What does Envestnet | Yodlee offer?

Envestnet | Yodlee offers data, open banking connectivity, digital solutions, analytics, and differentiated experiences to its customers.