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ARTICLE · 05 DECEMBER 2022

Treasury Report Sets Guidelines For Oversight On FinTech Participation In Core Finance Markets

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The U.S. Department of the Treasury recently released a report titled "Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets," a product of the Biden administration's effort to assess competition in different aspects of the economy.

United StatesTechnology
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Alyssa Paddock
Alyssa Paddock
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The U.S. Department of the Treasury recently released a report titled "Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets," a product of the Biden administration's effort to assess competition in different aspects of the economy. The report focuses primarily on FinTechs and other new entrant non-bank firms, including the consequences of their participation with insured depository institutions in core consumer finance markets (e.g., credit, deposits, and payments) and recommendations to enhance oversight of non-bank financial institutions.

While the report recognizes the benefits of innovation, competition, and contribution from FinTech and other non-bank firms, it warns of additional risks to consumer protection and market integrity and recommends certain steps to maintain responsible competition and consumer safety, specifically by recommending that regulators:

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