From: American Banker
WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray has revived an ongoing dispute between banks and fintech firms over screen scraping, a method certain companies use to obtain access to consumer bank records.
In a speech on Monday, Cordray bluntly warned banks not to limit access to financial data by third-parties working on behalf of the customer — comments that elated fintech firms which rely on aggregating data to offer financial advice and other services.