Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic cloud-based innovation for digital financial services, today congratulates Rohit Chopra on his confirmation by the United States Senate as Director of the Consumer Financial Protection Bureau (CFPB).
For the last several years, the CFPB has, under multiple administrations, been closely monitoring the consumer-permissioned financial data marketplace as part of its mandate under Section 1033 of the Dodd-Frank Act, most recently issuing an Advance Notice of Proposed Rulemaking (ANPR) on the topic late last year.
Envestnet | Yodlee has actively contributed towards the CFPB’s examination of this space for several years, including submission of a comment letter to the CFPB’s ANPR earlier this year, participation in a CFPB field hearing on Section 1033 of the Dodd-Frank Act in 2017, and submission of a comment letter in response to a CFPB request for information on consumer-permissioned data in 2016. With Mr. Chopra now confirmed as the next Director of the CFPB, Envestnet | Yodlee looks forward to working with him as the Bureau implements a final rule that provides for open banking in the United States.
"We extend our congratulations to Director Chopra on his confirmation by the Senate today," said Chad A. Wiechers, Senior Vice President of Data Acquisition and Strategy. "Director Chopra now has the opportunity to ensure that consumers and small businesses have full utility over their financial data in a safe and secure, appropriately regulated ecosystem. As he engages in his new role, we encourage him to prioritize finalizing a rule that will finally create an open banking ecosystem in the United States.”
“As a leading financial data aggregation and analytics platform globally, Envestnet | Yodlee sees 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. “For the sake of global competitiveness and improved financial access and inclusion to ultimately allow consumers to improve their financial wellness. These priorities align with Envestnet | Yodlee’s core values and we look forward to the CFPB issuing a proposed final rule implementing Section 1033 of the Dodd-Frank Act under Director Chopra’s leadership.