The lack of regulatory scrutiny placed on fintech companies compared with banks and credit unions has been a major cause of concern and pushback as their presence continues to grow in the financial marketplace.
Although a recent development with one fintech may invite increased regulatory scrutiny, industry insiders would point out that it still gets off fairly easy from a regulatory perspective.
Read on for details of Square Inc.’s recent launch into installment credit and how the move highlights questions about fintech’s regulatory responsibility in our interview with Carrie Hunt, executive vice president of government affairs and general counsel for the National Association of Federally-Insured Credit Unions.