Now is the time for a U.S. Consumer Data Right (CDR)

A thousand years ago (ok maybe it was only a few short decades) - I started my career in data driven marketing. 

Data has been a thread through all of my work over the years - with increasing discomfort about how much marketers knew about people, and how data was being used primarily just to sell people more stuff.

Moving from marketing into personal finance, it’s clear how data can be used to move people’s financial lives forward versus just selling them more products.

Today, the CFPB issued an advanced notice of proposed rulemaking (ANPR) on consumer-authorized access to financial records. The CFPB is seeking input from banks, credit unions, fintechs and others, on consumer data sharing of financial information, including questions on innovation, competition, privacy, and security. 

We believe that the time has come for a Consumer Data Right (CDR) in the United States much like what was instituted in Australia in June 2020 (shoutout to my Aussie peeps!). A CDR would allow people to take control of their financial future by having access to the entirety of their financial lives, including finances, bank accounts, utilities, investments, and other services. 

This is an enormously complex area - one that we are tackling at MX head on.

Sign up for our ‘Open Finance Fridays’ roundtables to join the discussion:

https://www.garudax.id/events/thestateofopenfinance-anopenfor6722595465550012416/