Consumer Financial Data: Legal and Regulatory Landscape
The use of data in financial services has the potential to promote financial health, but also requires careful evaluation to manage risks and protect consumers. This paper describes the federal framework governing consumer financial data in the United States, identifying critical questions arising from a changing financial data ecosystem.

Top Takeaways

In describing the federal framework governing consumer financial data in the United States, this working paper identifies:

Structural questions about which entities and data are covered and which regulatory agencies have oversight in specific areas

Interpretive and policy questions of how and when particular requirements are applied in particular circumstances

Reimagining Our Financial Data Ecosystem

As one of the most heavily regulated and systemically important industries, financial services is a critical place to get data governance right. Thus far, policymakers in the U.S. have been slow to address changes in the financial data ecosystem, but there are indications that this may soon change. With that in mind, the third panel in the 2020 Infrastructure of Fair Finance series discusses:

  • The state of the financial data ecosystem in the United States
  • Proposals for reform and lessons that can be learned from abroad
  • How the financial data ecosystem connects to some of today’s most pressing challenges


“Consumer Financial Data: Legal and Regulatory Landscape” was prepared by the law firm of Mitchell Sandler LLC for the Financial Health Network. Alex Acree, Partner at Mitchell Sandler LLC, led the preparation of this paper, and was joined by Pierce Babirak, Julia Baker, Chris Napier, and Shelby Schwartz. 

“Consumer Financial Data: Legal and Regulatory Landscape” is a collaboration between the Financial Health Network, FinRegLab, Flourish, and Mitchell Sandler. Dan Murphy of the Financial Health Network led this collaboration, and was joined by Kelly Thompson Cochran of FinRegLab, Chuck Muckenfuss of Flourish, and David Silberman of the Financial Health Network, all of whom provided expert guidance and assisted in the drafting of this paper. 

Special thanks to Chuck Muckenfuss of Flourish for his vision and his encouragement in making this collaboration a reality. 

This paper is intended to lay a foundation for stakeholders’ future policy analyses and discussions. To provide feedback, please email comments to

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