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11/11/2024
Lawmakers Lobby for One-Size-Fits-All Regulations for Banks and FinTechs
PYMNTS
Among the central debates of regulation, what we might term even the jurisdiction of the regulators — no matter the industry — might boil down to a stark question:
States versus federal — as in should the states be the mainstays in regulating banks and FinTechs as they continue to pair up and deliver digital products and services to their customers? Should the giant regulatory agencies take the lead with sweeping frameworks? Or should there be a joint dialogue?
Warning of ‘Undue’ Scrutiny
The debate has been highlighted by news that Republican members of the House Financial Services Committee have said in a letter to regulators at the Federal Reserve Board, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corp. (FDIC) that “undue regulatory scrutiny” will stifle innovation that would be realized by bank-FinTech partnerships.
The letter focuses on the request for information (RFI) issued by the regulators in July on those partnerships.
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