As Congress struggles over how best to regulate fintech companies, credit unions on Friday renewed their call for a regulatory regime that is as strict as the one they must follow.
The emergence of new financial products should not lead to a loosening of consumer protections, Scott Astrada, director of federal Advocacy at the Center for Responsible Lending, told the subcommittee.
He said, for instance, a special purpose non-bank charter could enable preemption of state oversight. He added that fintech companies should not be permitted to ignore consumer protection laws as they test their products.