Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, supports President Biden’s competition Executive Order, which was issued today. The Executive Order calls on the Consumer Financial Protection Bureau (CFPB) to issue rules to allow consumers to download their banking data and take it with them to third-party service providers of their own choosing.
As an innovator of consumer-permissioned financial data aggregation, Envestnet | Yodlee has been a strong proponent of CFPB rulemaking in this space for several years. The company has actively contributed towards the CFPB’s examination of the issue for several years, including submission of a comment letter to the Bureau’s ANPR early this year, participation in a CFPB field hearing in 2017, and submission of a comment letter in response to a CFPB request for information on consumer-permissioned data in 2016. The sentiment expressed in today’s Executive Order aligns with Envestnet | Yodlee’s core mission and is inherent to our business philosophy. Following the Executive Order, Envestnet | Yodlee looks forward to working with the CFPB as it implements a final rule that provides for true open banking in the United States.
“The Executive Order signed by President Biden today validates the foundation of what Envestnet | Yodlee has been doing for the last two decades," said Chad A. Wiechers, Senior Vice President of Data Acquisition and Strategy. "We welcome the CFPB’s continuing efforts to explore a rule that ensures that consumers and small businesses have full utility over their financial data in a safe and secure, appropriately regulated ecosystem.”
“As a leading financial data aggregation and analytics platform globally, we see firsthand the pace of innovation and consumer adoption of cutting-edge, technology-driven financial services products in more advanced open banking markets around the world,” continued Wiechers. “Today’s Executive Order will meaningfully advance the United States’ financial services competitiveness and lead to improved financial access and inclusion to ultimately allow consumers to improve their financial wellness. This mission has always been a part of Envestnet | Yodlee’s set of core values and we look forward to the CFPB issuing a proposed final rule implementing the objectives of President Biden’s Executive Order as quickly as possible.”