A trio of lawmakers are urging the FTC to investigate financial-data corporation Envestnet for selling consumers’ personal data without first clearly informing customers. Envestnet is a financial services giant used by 15 of the 20 largest banks in the country to provide personal financial tools to their customers. Its subsidiary, Yodlee, also develops software and apps that allow consumers to track their finances at a glance. A letter sent to the FTC by Oregon Senator Ron Wyden, Ohio Senator Sherrod Brown, and California Representative Anna Eshoo warns that Yodlee and Envestnet have been selling that data to a large number of third parties without making it clear, a violation of the FTC Act.
“The consumer data that Envestnet collects and sells is highly sensitive," the lawmakers said. "Consumers’ credit and debit card transactions can reveal information about their health, sexuality, religion, political views, and many other personal details."