FTA Comment on CFPB’s Public Release of Decisions and Orders
The Financial Technology Association (FTA) submitted comments to the Consumer Financial Protection Bureau (CFPB) regarding the Bureau’s rule on the public release of decisions and orders related to certain risk determinations under its nonbank supervisory authority. FTA shares the Bureau’s interest in safeguarding consumers and promoting responsible innovation in financial services. To best achieve these goals, FTA urges the Bureau to:
Provide the public with sufficient opportunity to comment on a proposed rule;
Treat all entities subject to its supervisory authority consistently; and
Establish clear and fair supervisory procedures.
In the letter, FTA noted that the Bureau’s rule was adopted without the required notice and comment process, undermines confidentiality protections, and creates unfair treatment for certain non-bank entities compared to banks and enforcement targets. FTA urges the CFPB to withdraw the rule permitting publication of its “risks to consumers” supervisory designations.
FTA emphasized that financial technology companies are improving efficiency, transparency, access, and consumer choice, and encouraged the Bureau to engage constructively with industry participants to advance policies that provide consumer protections while fostering innovation.
The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.
FTA Comment on CFPB’s Public Release of Decisions and Orders
The Financial Technology Association (FTA) submitted comments to the Consumer Financial Protection Bureau (CFPB) regarding the Bureau’s rule on the public release of decisions and orders related to certain risk determinations under its nonbank supervisory authority. FTA shares the Bureau’s interest in safeguarding consumers and promoting responsible innovation in financial services. To best achieve these goals, FTA urges the Bureau to:
In the letter, FTA noted that the Bureau’s rule was adopted without the required notice and comment process, undermines confidentiality protections, and creates unfair treatment for certain non-bank entities compared to banks and enforcement targets. FTA urges the CFPB to withdraw the rule permitting publication of its “risks to consumers” supervisory designations.
FTA emphasized that financial technology companies are improving efficiency, transparency, access, and consumer choice, and encouraged the Bureau to engage constructively with industry participants to advance policies that provide consumer protections while fostering innovation.
Read the comment letter here.
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.