OCC Guidance on Data Sharing Getting Mixed Reviews

The OCC released data sharing guidelines that have been met with mixed reviews, especially amongst fintechs and data aggregators; “I don’t think it moves the ball forward,” said Jim Reuter, CEO of FirstBank in Colorado, to American Banker. “While I appreciate the OCC trying to clarify a bank’s responsibilities and requirements with data aggregators, I think it misses the mark.”; the OCC breaks the aggregator category into two relationships for banks, a business relationship which typically involves a data-access agreement and screen scraping; white listing the aggregator’s IP address could help to solve some of the concerns around screen scraping and provide more information on how much traffic is coming in; one of the biggest concerns about the new guidance is the focus on security as many think security should not necessarily trump a consumer’s decision; as data sharing and open banking become the norm there needs to be a continuous conversation about how this practice should take place to fulfill all the needs of the various parties involved. American Banker