FinTechs Create Group To Access Banking Data

A handful of U.S. FinTech startups are creating an industry group to to be given the right for consumers to share their bank data with outside parties. According to a report, FinTech startups including Betterment, Kabbage and Ripple have joined Affirm, Envestnet | Yodlee and Varo Money to create the Consumer Financial Data Rights (CFDR) coalition, which argues that under the Dodd-Frank Act, consumers in the U.S. have the right to access their financial information via a third-party platform.

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