Aggregators plan to use the web to compile and provide customer account information for easy access.
Financial institutions should consider the steps they need to take to address this new development. The American Banker recently reported in a series of articles that First Union Corp. has issued guidelines for financial information aggregators seeking to access customer information at First Union and has filed suit against one aggregator. See Ross Snel, First Union Lays Down Guidelines for . Culling Its Site , Am. The First Union guidelines are intended to not only establish some control over customer financial information obtained from the First Union website but to also ensure the privacy and security of customer account information.