Treasury’s Mnuchin Weighs In on Data Aggregation

During an FDIC conference in Arlington, Va., today, Treasury Secretary Steven Mnuchin offered his thoughts on consumers’ ability to share their financial data with third parties and data aggregators.

“From the consumer standpoint, having your data aggregated and being able to allow other people to have access to that data is important,” Mnuchin said. “On the other hand, I think the consumer . . . expects a level of security and privacy around that.”

He added that “the answer is probably more of an opt-in than an opt-out model,” and highlighted the importance of ensuring that “an average person can understand very clearly what’s being done with their data.”