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

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    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.