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US Treasury outlines fintech consumer protection recommendations

November 18, 2022


The report details how new non-bank firms, in particular fintechs, are adding “significantly” to the number of firms competing in core consumer finance markets.

To shore up consumer protection, the report recommends that oversight for these newer firms should be “enhanced” with regards to consumer financial activities, such as risks related to data privacy and regulatory arbitrage.

The report recommends that regulators should provide a clear and consistently applied supervisory framework for bank-fintech relationships and that bank-fintech relationships must operate in compliance with the laws, regulations, and risk management standards applicable to the relevant insured-depository institution

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