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FinTechs Need Regulatory Clarity Now More Than Ever Stated Bankthink

Fintech has produced hundreds of new nonbank online lenders that compete with incumbent banks in consumer finance markets. But the branding, funding, and scale advantages of incumbent banks have proven to be formidable. As a result, many start-ups have struggled with competitive, growth, and legal and regulatory challenges. For their part, banks have absorbed some fintech innovations, while quietly providing the increasingly large and vibrant online-lending startup scene with financing, partnerships, and acquisitions.

It is stated that key regulatory changes need to be made to encourage fintech viability and continued innovation which will prove beneficial not just for consumers and online lenders, but for incumbent banks as well. To begin with, policymakers can focus on steps such as compliance flexibility, harmonize state lending laws, and increase funding transparency.

News Characteristics

Date : May 12, 2017
Region : North America
Industry : Financial Service Providers
Function : Regulation and Compliance
Sub-Function : Regulatory changes