Recently released Consumer Bankers Association (CBA) survey findings maintain consumers believe Congress and the Consumer Financial Protection Bureau (CFPB) should expand fintech and crypto firm regulatory oversight.
“These findings demonstrate that consumers want and need policymakers to ensure large financial services providers operate within the well-regulated, well-supervised financial system,” CBA President and CEO Lindsey Johnson said regarding the poll conducted online among 1,041 domestic adults from Dec. 2-4, 2022. “Doing so will provide hard-working Americans the ability to safely benefit from innovations in the highly competitive financial marketplace, with the necessary regulatory transparency, oversight, and consumer protections.”
Per the poll results, 86 percent of respondents are at least somewhat or extremely concerned by the regulatory disparity; 56 percent want more safeguards implemented compared to 24 percent who believe Congress and the CFPB are doing enough; and among crypto users, 68 percent supported additional policymaker protections.
The CBA noted it has historically advocated policymakers recognize and respond to risks associated with the growth of large fintech and other large non-bank providers not held to the same broad federal oversight requirements as traditional banks.
The CBA cited a new House Select Subcommittee on the Coronavirus Crisis report alleging some fintech companies failed to stop preventable fraud in administering PPP loans, resulting in the loss of taxpayer dollars.