Yodlee in Lawmakers Crosshairs over Data Sharing

Yodlee, a unit within Envestnet, has come under fire in recent days for their data sharing practices; Senators Ron Wyden, Sherwood Brown and Congresswoman Anna Eshoo write a letter to the FTC calling for Yodlee to be investigated over the claims about unfair, deceptive or abusive behavior; Yodlee commented they “comply with law and regulations and in accordance with leading industry practices for data security and privacy.”; the accusations are that Yodlee sells data to brokers who then sell it to investors which can include information which can reveal who a customer is; Yodlee anonymizes the data but the lawmakers contend that there is still identifiable information; Senator Wyden cited a 2015 study in the journal Science which examined 1.1 million people’s credit-card transactions and 90% of the individuals were identified. Wall Street Journal

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