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ARTICLE · 08 AUGUST 2016

Senators Call On Federal Agencies To Clarify Fintech Oversight

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Senators Sherrod Brown (D-OH) and Jeff Merkley (D-OR) urged the heads of numerous federal regulatory agencies to provide insight about the tools they currently utilize to ensure effective oversight over financial technology firms ("fintech").

United StatesTechnology
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Senators Sherrod Brown (D-OH) and Jeff Merkley (D-OR) urged the heads of numerous federal regulatory agencies to provide insight about the tools they currently utilize to ensure effective oversight over financial technology firms ("fintech"), particularly for the areas concerning consumer protections and the risks posed by new technologies. Their letter was sent to Federal Reserve Chair Janet Yellen, Comptroller Thomas Curry of the Office of the Comptroller of the Currency, FDIC Chair Michael Gruenberg, National Credit Union Administration Chair Rick Metsger and Consumer Financial Protection Bureau Director Richard Cordray.

Regarding the regulation of third-party service providers, the Senators urged the agencies to elaborate on their respective:

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