In response to the Request for Comment on Strategic Plan FY 2022-2026 the FTA submitted a comment letter to the Consumer Financial Protection Bureau (CFPB). The letter reads in part:

The Financial Technology Association (FTA) is pleased to have the opportunity to provide comment on the Consumer Financial Protection Bureau (CFPB) Strategic Plan FY 2022-2026. The FTA is a nonprofit trade organization that educates consumers, regulators, policymakers, and industry stakeholders on the value of technology-centered financial services and advocates for the modernization of financial regulation to support inclusion and innovation. The FTA focuses on proactively shaping tomorrow’s regulations, policy frameworks, and public understanding to safeguard consumers and advance the development of trusted, digital financial markets and services.

As an initial matter, the FTA and its members share the CFPB’s cross-bureau priorities both as a matter of policy and business objectives. More specifically, we believe that technology-driven innovation transforms how we offer, access, and benefit from financial services in the United States. By using modern technologies to deliver financial products and services, financial technology (“fintech”) companies are improving efficiency and transparency, broadening equity, access and inclusion, reducing costs, and increasing choice for consumers and businesses. Whether by way of more fair and inclusive credit underwriting approaches, unlocking the power of consumer data through a well-crafted open banking framework, or more customer-friendly and transparent payment options, including responsible buy-now, pay-later models, fintech is improving financial outcomes and empowering consumers.

Access a PDF of the full letter here