Washington, D.C. — The U.S. Financial Services Subcommittee on Oversight and Investigations is scheduled to host a hearing today titled “Cashed Out: How a Cashless Economy Impacts Disadvantaged Communities and Peoples.” Paige Pidano Paridon, BPI senior vice president and associate general counsel, issued the following statement in advance of the hearing:
The Hearing today will explore, among other things, the important topic of consumer protection in a digital economy, particularly for low- and moderate-income, unbanked, underbanked or otherwise disadvantaged consumers, for whom financial fraud or abuse can have devastating effects. While innovation in banking and payments services may offer important opportunities for these consumers to access financial services, innovation should not come at the expense of consumer protections. Nonbanks that provide consumer financial services — including nonbank payment providers — should be held to the same rigorous consumer protection standards as banks, meaning also that the nonbanks should be subject to the same rigorous supervision and examination standards to assess their consumer compliance.
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