Thread by @amiasmg

1/ @ChrisOdinet and I published an essay in @protocol arguing that the @CFPB must go beyond access and give consumers CONTROL of their financial data.
protocol.com/cfpb-rule-cons…

2/ For years, fintechs and banks have been in a battle over access and control of consumer financial data, but an uneasy détente between banks, fintechs, and aggregators has mostly given fintech consumers the illusion of control.

3/ But banks have often threatened to revoke this access, and because fintechs often get it through 'scraping' using their own credentials -- many fintechs use this access to pull data daily or more

4/ The rhetoric in response has been eerily uniform -- with all parties saluting the notion of consumer ownership of data. Taking the notion of consumer ownership seriously, however, is more difficult than it appears.

5/ Looking at the UK, their initial roll out of open banking was marred by the erection of Rube-Goldberg processes to actually GET access.

6/ The UK government had to charter a public-private entity to be a clearinghouse for open banking data. The CFPB's decade-long delay -- NOT great -- but at least we have a chance to learn from others.

7/ Most importantly the CFPB has the ability to go beyond simple access and address consumer disclosure AND CONTROL through the life of a financial relationship.

8/ We suggest looking at the famous "Schumer box" for credit cards -- but this time, let's make it INTERACTIVE -- on each point of disclosure, consumers should have an easy way to express their preferences and change the use of data by the financial institution

9/ The CFPB can also push the boundaries by looking at new technologies that enable: attestation based disclosures, privacy protective machine learning, or opportunities for consumers to monetize their data as it's used [QED has investments in these areas]

10/ Finance is now digital and data-rich -- the CFPB should act to give consumers control of this future. @raseman @Michael_S_Barr @Jeremy_Kress @moneyjoev @SenWarren @chopraftc