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Lawmakers Urge FTC to Investigate Aggregator’s Collection and Sale of Americans’ Financial Data
NextGov: Three lawmakers want the Federal Trade Commission to investigate whether the giant U.S. data corporation Envestnet and its subsidiary Yodlee are breaking the law by collecting and selling millions of Americans’ sensitive financial information without appropriate consent.
Sens. Ron Wyden, D-Ore., Sherrod Brown, D-Ohio, and Rep. Anna G. Eshoo, D-Calif., recently penned a letter to FTC Chairman Joseph Simons demanding the agency determine whether Envestnet’s sale of consumer data to third parties constitutes an “unfair, deceptive or abusive act or practice” and ultimately violates the FTC Act.
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