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ARTICLE · 09 DECEMBER 2022

Treasury Calls For Enhanced Supervision Of Fintech Partnerships

Morrison Foerster
Morrison Foerster
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Morrison Foerster

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On November 16, 2022, the Department of Treasury ("Treasury") issued a report titled "Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets...

United StatesTechnology
Crystal Kaldjob
Crystal Kaldjob
Deborah Connor
Deborah Connor
Jason Shafer
Jason Shafer
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On November 16, 2022, the Department of Treasury ("Treasury") issued a report titled "Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets" ("Treasury Report"), which, among other things, recommends that federal financial regulators pursue a more robust regulatory framework for non-bank financial services. Recognizing the continued importance to consumers of bank-fintech relationships to have access to competitive financial services, the Treasury Report encourages "responsible innovation" through enhanced oversight. The Treasury Report includes a set of recommendations to be applied within existing regulatory frameworks to ensure that bank-fintech partnerships continue to reasonably promote competition and innovation while protecting consumers and the safety and soundness of banks.

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