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ARTICLE · 05 DECEMBER 2019

The Clearing House Releases Model Agreement For Sharing Financial Data

McCarthy Tétrault
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The Model Agreement is intended to be used as the basis for data sharing agreements between banks and Fintechs.

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Domenic Presta
Domenic Presta
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On November 12, 2019, The Clearing House (TCH) released a Model Agreement as part of TCH's Connected Banking Initiative. The Model Agreement is intended to be used as the basis for data sharing agreements between banks and Fintechs.

TCH is a U.S. based entity that is owned by some of the world's largest commercial banks. TCH is also the parent organization of the Clearing House Payments Company, a payments association comprised of over 1,000 financial institution members and corporate subscribers

The Model Agreement is part of TCH's Connected Banking initiative, which aims to facilitate innovation, customer control and the secure exchange of bank-held data. TCH developed the Model Agreement to be consistent with the Consumer Protection Principles: Consumer Authorized Financial Data Sharing and Aggregation, issued by the Consumer Finance Protection Bureau (CFPB) on October 18, 2017. Rob Hunter (Deputy General Counsel, TCH) stated that "[t]he Model Agreement provides

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