Fintech Startups Want to Save One Key Page of Dodd-Frank
By Telis Demos
The fintech firms argue they need a provision like Section 1033, on which the Consumer Financial Protection Bureau has been gathering industry input as it considers potential rules, to ensure access for their apps and services. Because they aren’t typically set up as banks, they don’t have direct access to users’ checking and savings accounts.
“The most important issue is access to customers’ own financial data,” said Jon Stein, chief executive of Betterment, in an interview. “Customers have a right to manage their own.”