Regulations

I have been tasked with the assignment of identifying which of our vendors should be considered "Data Aggregators and other Customer-Permissioned Entities" as outlined in the FDIC FIL-55-2021 Guidance Section 9. Does anyone have a clear explanation as to what constitutes a data aggregator, and maybe a few examples of popular vendors that could be classified as such?

Any information would be appreciated.

Hi there,

Data aggregators are those that collect data from a variety of sources and present data in a summarized format for a specific purpose. The process of aggregating financial data involves gathering information from several sources about a consumer's finances. A data aggregator can gather information from payroll, bank accounts, credit card accounts, investment accounts, lending platforms, and any other financial app a consumer uses to manage their finances. The aggregation of Financial data makes it possible to view checking, savings, investment, credit card, mortgage, HSA, FSA, and other accounts online. Data aggregators make it possible to transmit account information between financial institutions and third-party apps safely.

You can generally determine a data aggregator using the following criteria:

1. Collects customer or consumers data from non-related sources
2. Cleans and transforms that data into an analysis-ready format
3. Uses "Screen scraping" or APIs to collect and move data
4. Requires the customer or consumers permission to access data

Examples of financial data aggregators are:

• MX
• Finicity
• Fiserv / CashEdge
• Mobius Services
• Yodlee
• 3iDataScraping
• Plaid and Quovo

 

I hope this information is helpful, but I would love to hear from other members.