Consumer Groups, Banks Call on Congress to Rein-in Fintech Lenders

Legislation would close loophole, bring big tech lenders under FDIC authority

Andy Spears

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Photo by Markus Spiske on Unsplash

A coalition of advocacy groups representing consumers and banks is calling on Congress to close a loophole that allows so-called fintech companies to operate as banks without any of the attendant regulation.

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .