Treasury report: Fintech requires more oversight to prevent abuses, protect consumers
According to the report, while fintech firms enable new capabilities, they also create new risks related to data privacy and regulatory arbitrage.
Browsing: Competition
Fed Gov. Bowman: ‘Imperative’ to modernize evaluation of bank competition
Federal Reserve Gov. Michelle Bowman discussed the “new and evolving competitive landscape” for U.S. banking services, with particular emphasis on community banks.
Chopra: CFPB to query core providers over costs, contracts, service
The CFPB is examining the effects of a concentrated core platform marketplace on consumers and banks, CFPB Director Rohit Chopra said today. Speaking to the bureau’s community bank and credit union advisory councils, Chopra said he is “concerned that the core services providers that small players rely on have too much power in the system.”
Consumer Choice in Bank Deposit Products
Digging into the data showing that the market for deposits is highly competitive.
ABA to DOJ: Bank Merger Guidelines Outdated
The American Bankers Association told the Department of Justice today that the 1995 bank merger competitive review guidelines are outdated and do not take into account the competitive effects of online banking and competition from nonbanks.
DOJ Seeking Public Comments on Bank Merger Guidelines
As part of the Biden administration’s broader competition initiative, the Department of Justice today announced it is seeking public feedback on potential revisions to its 1995 bank merger competitive review guidelines.
Chopra Calls for Parity Between Banks, ‘Big Tech’; Warns Against ‘Discriminatory Algorithms’
Testifying before the Senate Banking Committee today, CFPB Director Rohit Chopra said that companies using discriminatory algorithms will need to be held accountable.
Chopra: Increasing Competition, Focusing on ‘Repeat Offenders’ Priorities for CFPB
Stimulating “competitive intensity” in consumer financial markets will be a key priority for the CFPB under the leadership of Rohit Chopra, who was sworn in as director earlier this month.
Biden Order Calls for Movement on Data Access Rule, Review of M&A Rules
President Biden today issued a wide-ranging executive order on competition issues across the U.S. economy.
DOJ Seeks Public Feedback on Bank Merger Antitrust Reviews
Noting the rapid technological transformation of financial services, the Justice Department’s Antitrust Division today requested public comments on whether and how it should revise its guidelines—virtually unchanged since 1995—for reviewing the competitive effects of bank mergers.