In a letter to Rohit Chopra, the newly confirmed director of the Consumer Financial Protection Bureau (CFPB), the Consumer Bankers Association (CBA) asked the regulator to mitigate the growing risk of consumer harm in the financial technology (fintech) lending market.
Fintechs now issue nearly half of all personal loans, and CBA President and CEO Richard Hunt said it is time for the CFPB to use its tools to facilitate a level playing field and competitive markets for consumer financial products.
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