The regulatory landscapes for digital financial data availability and safeguards are rapidly evolving, as are the standards underpinning these connected ecosystems. At the same time, there is new attention paid to regulations and standards for investment advisors and the advice they provide.
The Personal Financial Data Rights Rule, enacting Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, will not immediately affect the investment data ecosystem. The rule will only cover certain types of retail banking accounts, such as checking, savings, and credit card accounts, with the commitment for expansion later. While some financial data providers will not be directly covered by the Act, they are making commercially backed APIs available to aggregators, however the vast majority of custodians, recordkeepers, and annuity providers haven’t embraced this new method of access.
Until they do, ByAllAccounts will continue to leverage the best available data access methods for each institution, while continuing to advocate for the interests of investors and the professionals who serve them with policymakers, regulators, and industry groups.
