Testifying today on behalf of the Pennsylvania Bankers Association, Michael Price, president and CEO of First Commonwealth Bank in Indiana, Pa., outlined key considerations for financial technology regulation before the House Financial Services Committee. Noting that new financial technologies can benefit consumers in numerous ways, he highlighted the ways that financial institutions — particularly community banks — are innovating and partnering to bring new products and services to consumers. He also emphasized the importance of right-sizing regulation for all companies providing financial services.
“Customers deserve consistent protections wherever they receive financial services,” Price said. “A loan is a loan no matter who provides it. Companies that want to engage in the business of banking must be willing to be regulated and supervised accordingly. “
Specifically, Price called for regulation that is flexible enough to allow bank innovation, is based on a company’s activities, and consistently safeguards consumer data. He added that constructive oversight of non-bank lenders will help them provide better service to their customers and identify and capture bad actors.
