WASHINGTON, D.C. – The Financial Technology Association (FTA) today released a statement regarding the news that U.S. Treasury Secretary Scott Bessent will serve as Acting Director of the Consumer Financial Protection Bureau:
“We look forward to working with Secretary Bessent in his capacity as Acting Director of the CFPB and advancing our shared goals of promoting financial innovation, competition, and consumer choice,” said Penny Lee, President and CEO of the Financial Technology Association. “As Secretary Bessent takes on this role, we urge him to prioritize withdrawing harmful, overreaching rules that impede innovation, including rules governing digital payments, Buy Now Pay Later, and earned wage access products. Reversing these deeply flawed rules is a first step toward embracing innovation and charting a path forward that harnesses the benefits of digital financial services for all Americans.”
FTA previously urged the CFPB to withdraw several harmful rules, including the larger participant rule for digital payments, the final BNPL interpretive rule, and a proposed interpretive rule for EWA products. Last week, FTA congratulated Secretary Bessent on his Senate confirmation to lead the Treasury Department. To learn more about FTA’s vision for the future of finance, click here.
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The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.