FinTech and Consumers

A draft report on the FinTech Universe
Last updated: 5/7/2018

This is an updated draft resource from U.S. PIRG Education Fund and The Center for Digital Democracy: "FinTech and Consumers: A Preliminary Overview of Important Consumer, Privacy, Small Business, and Civil Rights Issues." Excerpt:

Technological innovation and the rapid adoption of mobile phones, other digital devices and “Big Data” applications are bringing sweeping changes to the ways consumers engage and interact with financial services. These developments are unleashing far-reaching developments that will continue to impact businesses, competition, regulation, and consumer interaction with and use of financial products.

Numerous regulators have engaged on the issue, with workshops, white papers and proposals for FinTech regulation. In the late fall of 2016, the chief national bank regulator, the Office of the Comptroller of the Currency (OCC), provided an outline of a limited-purpose FinTech charter that consumer groups and state regulators contend will preempt strong state consumer protections, undercut existing federal laws and precipitate a race to the bottom. Since then, the agency has gone through the presidential and a Comptroller transition, and been sued by state regulators for exceeding its authority, but is said to be preparing the next iteration of the proposed charter.



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