FTA Supports CFPB’s Proposal to Rescind Supervisory Amendments
The Financial Technology Association (FTA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) supporting its proposal to rescind amendments made between 2022 and 2024 to the Procedures for Supervisory Designation Proceedings. FTA previously opposed these changes, which authorized the public release of supervisory designation decisions, citing concerns that they:
Undermine regulatory confidentiality and due process;
Distort competition and fair market functioning; and
Exceeded the Bureau’s statutory authority.
Rescinding the amendments will restore fairness, align with long-standing supervisory norms, and reinforce the distinction between supervision and enforcement. FTA commends the CFPB for reconsidering this policy, which posed unnecessary legal and reputational risks for supervised firms. Read the comment letter here.
ABOUT US
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 Supports CFPB’s Proposal to Rescind Supervisory Amendments
The Financial Technology Association (FTA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) supporting its proposal to rescind amendments made between 2022 and 2024 to the Procedures for Supervisory Designation Proceedings. FTA previously opposed these changes, which authorized the public release of supervisory designation decisions, citing concerns that they:
Rescinding the amendments will restore fairness, align with long-standing supervisory norms, and reinforce the distinction between supervision and enforcement. FTA commends the CFPB for reconsidering this policy, which posed unnecessary legal and reputational risks for supervised firms. Read the comment letter here.
ABOUT US
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.