According to the report, while fintech firms enable new capabilities, they also create new risks related to data privacy and regulatory arbitrage.
Federal Reserve Gov. Michelle Bowman discussed the “new and evolving competitive landscape” for U.S. banking services, with particular emphasis on community banks.
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.”
Digging into the data showing that the market for deposits is highly competitive.
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Bankers Association told the Department of Justice today that the 1995 bank merger competitive review guidelines are outdated and do not take into account the competitive effects of online banking and competition from nonbanks.
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.
Testifying before the Senate Banking Committee today, CFPB Director Rohit Chopra said that companies using discriminatory algorithms will need to be held accountable.
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.
President Biden today issued a wide-ranging executive order on competition issues across the U.S. economy.
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.