Big Banks Push Language for Data-Sharing Deals With Startups – Bloomberg Law

A group backed by Wall Street’s biggest banks are pushing contract terms that would allow financial-technology startups quicker access to consumer financial data.

The Clearing House, owned by 25 of the country’s largest lenders, said Tuesday that it had developed a model data-access agreement to shorten a process that can take a year or longer to complete. The template was drafted using examples of existing agreements.

Lenders have been working on ways to share data to end a practice known as “screen scraping,” which often requires consumers to give their user names and passwords to share financial details with outside…

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