The Consumer Bankers Association (CBA) sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra praising the bureau’s decision to use its “dormant authority” to apply greater supervision over fintechs.
The letter encourages Chopra and the CFPB to take steps beyond this “dormant authority” and expand its supervision to other markets in which fintechs hold a significant share.
Read on for more details.