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US Treasury Promotes Bank-FinTech Partnerships

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The U.S. Department of the Treasury is set to issue a report Wednesday (Nov. 16) encouraging collaboration between banks and FinTech, provided it’s done responsibly.

That’s according to a report by Reuters, which spoke with an unnamed Treasury official ahead of the document’s release.

That official said that while there might be regulation gaps in the relationships between banks and financial technology companies, those partnerships have yielded products designed for specific communities that traditional financial institutions had not targeted.

Regulators can promote competition and safeguard consumers largely with existing authorities, Treasury Secretary Janet Yellen said in a statement to Reuters. PYMNTS reached out to the Treasury for comment.

The report comes two months after Acting Comptroller of the Currency Michael J. Hsu said the rising prominence of digital banking and FinTechs could trigger a financial crisis. He said the encroachment of FinTech companies into the traditional financial sector, including via bank partnerships, had led to increased complexity…

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