Senators Request Detail on Regulators’ Approach to Fintech

In a letter to the heads of the financial regulatory agencies yesterday, Sens. Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) called on regulators to provide more information on their efforts to oversee the rapidly growing fintech industry.

The lawmakers requested further detail on what the agencies have done to understand the many diverse business models of fintech companies; the extent to which fintech companies can be regulated as third-party service providers; and regulators’ plans for collaborating at both a domestic and international level to address the challenges and opportunities fintech presents. They also raised concerns about consumer and small business protections, given the uncertain supervisory conditions currently surrounding the fintech industry.