FinTech & Innovation
FinTech, Big Tech and the Safety of the Banking System
Congress articulated a clear view that to enjoy the benefits of being a bank – the right to accept deposits, lend and process payments with the benefit of the federal safety net (FDIC insurance or access to the discount window) –banks are expected to act prudently and comply with a meaningful regulatory and supervisory framework. Unfortunately, the safety and stability of our system is at risk as technology companies seek to act more and more like banks, but without adhering to a prudential framework. They seek all the benefits of being a bank without taking on the duties and responsibilities that come along with it. Learn more by visiting www.KeepBankingSafe.com.