BERWYN,
Pa., Oct. 19, 2023 /PRNewswire/ -- Envestnet® |
Yodlee® commends the Consumer Financial Protection Bureau (CFPB)
for its progressive proposal to establish a Personal Financial Data
Rights rule, as unveiled today. This rule, aimed at implementing
section 1033 of the Consumer Financial Protection Act of 2010
(CFPA), represents a significant stride toward empowering consumers
and strengthening data access and security.
"The CFPB's proposed rule not only calls for transparency but
also sets strong privacy safeguards for consumers' sensitive
data—an essential benchmark for data accessibility across the
financial sector. These measures are crucial for promoting trust
and reliability," said Lisa Novier,
Head of Governance, Risk & Compliance for Envestnet | Yodlee.
"Additionally, the proposal's focus on market-led standards for
data access aligns with our commitment to a fair, open, and
inclusive financial ecosystem. We believe these standards will not
only ignite innovation but also broaden the array of secure and
dependable financial services available to consumers."
"As a company deeply dedicated to advancing financial wellness
and data access, Envestnet | Yodlee supports the CFPB's efforts to
establish a framework for consumers while safeguarding their data.
We anticipate engaging constructively with the CFPB and other
stakeholders throughout the rulemaking process to actively empower
consumers and drive innovation in financial services," added Ms.
Novier.
Envestnet | Yodlee, with its industry-leading footprint, offers
data, open banking connectivity, digital solutions, analytics and
differentiated experiences to its customers, delivered and embedded
through APIs and standalone portals. Its solutions empower
customers – including financial institutions in banking; technology
wealth management and financial advisors; small and medium-sized
businesses; and their end consumers – to intelligently connect,
grow, protect, and manage the financial wellness of their business
all in one place.
About Envestnet
Envestnet is transforming the way financial advice is delivered
through an ecosystem of technology, solutions and intelligence. By
establishing the connections between people's daily financial
decisions and long-term financial goals, Envestnet empowers them to
make better sense of their finances and live an Intelligent
Financial Life™. With more than $5.4T
in platform assets – more than 107,000 advisors, 16 of the 20
largest U.S. banks, 47 of the 50 largest wealth management and
brokerage firms, more than 500 of the largest RIAs, and thousands
of companies, depend on Envestnet technology and services to help
drive better outcomes for their businesses and for their
clients.
Envestnet refers to the family of operating subsidiaries of the
public holding company, Envestnet, Inc. (NYSE: ENV). For more
information, please visit www.envestnet.com, and follow us on
LinkedIn and X (@ENVintel).
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SOURCE Yodlee