Chapter 15

Fintech and Government Regulation

If It Quacks Like a Bank…

Abstract

Fintech can provide financial services more efficiently, effectively, and inclusively, but can also produce products that harm consumers, misdirect savers, and investors; inefficiently allocate capital; and harm borrowers and businesses. Regulation optimally promotes the benefits of Fintech while protecting against abuses. US regulators are Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Company, and State Regulators, including a banking regulator in every state. Others are Securities and Exchange Commission and Commodities Futures Trading Commission. The US Department of Treasury’s Office of Financial Asset Control and ...

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