* Our Parent Company Crypto Token is GOING LIVE!!! *Flag Token

US Treasury Recommends Greater Oversight in Fintech Industry to Protect Consumers

Date:

Share post:

The US Department of the Treasury, in consultation with the White House Competition Council, has released a report, concluding that the fintech industry requires greater levels of oversight.

The report, entitled “Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets”, details how specifically fintech firms are greatly adding to the number of firms competing in core consumer finance markets. The significant additions of new entrant fintech firms are contributing to competitive pressures, claims the report.

While the Department of the Treasury acknowledges the new capabilities offered by emerging fintech firms, it also suggested they create increasing risks to consumer protection and market integrity. The report suggests that firms are capitalising on loopholes in regulatory systems to avoid needing to comply with unfavourable regulations.

Also citing data privacy risks, the treasury concludes that enhanced oversight of consumer financial activities is required. It states that ‘non-bank firms’ should be overseen more heavily to protect…

Read more…

Related articles

What is Klayton Blockchain & Why Toon Finance is Better Choice – CryptoMode

The Klaytn network has taken a big hit today, as the price of KLAY tokens has tumbled following...

Peter Schiff Says Bitcoin Still Has a Long Way to Fall — Values BTC at $10K – Markets and Prices Bitcoin News

Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse...

ATP Finals 2022 full schedule, results, TV channel and live stream as Novak Djokovic reaches final, Rafael Nadal bows out in Turin

Novak Djokovic will meet Casper Ruud in the final of the 2022 ATP Finals after being taken to...

Top 3 Hottest NFT Mints for November 2022 Blackfriday Cryptocurrency

What are NFTs and How Do They Work? You may have heard about a new craze sweeping the internet...