Washington D.C. – Today the Consumer Financial Protection Bureau proposed new rules concerning the supervision and regulation of larger nonbank companies that offer digital wallets and payment apps. Paige Pidano Paridon, BPI senior vice president and senior associate general counsel, issued the following statement in response:
We strongly support the CFPB’s commitment to consistent regulatory principles for regulating nonbanks — if it walks like a bank and talks like a bank, regulate it like a bank. Maintaining trust in the U.S. financial system is paramount, and any Big Tech firm engaged in these activities must be required to not only follow the same rules, but also demonstrate ongoing compliance through regular direct supervision.
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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