WASHINGTON—Saying it supports the Consumer Financial Protection Bureau’s inquiry into tech companies’ payments practices, CUNA is also strongly encouraging the Bureau to “carefully examine and regulate these entities moving forward.”
CUNA expressed its position in a comment letter sent in response to the CFPB’s inquiry into big tech payment platforms.
“Consumers benefit from innovation that offers new delivery channels and products as well as innovations to traditional products,” the letter reads. “Credit unions want to ensure that financial products and services available from fintech companies or any company offer the same protections as those offered by regulated entities.”
“Our members do not want to discourage innovation, they merely want to ensure that innovation does not allow new entrants to make an end run around regulation,” the letter adds.
Additional Concerns
CUNA wrote that it has concerns with:
- “Tech companies and other non-banks purposely constructing products and services and using partnerships to skirt consumer protection laws.”
- “How tech uses and protects information collected from consumers and urges the CFPB to closely examine these companies’ data security and privacy practices.”
CUNA also signed onto a joint comment letter with the American Bankers Association and Consumer Bankers Association noting the same concerns.
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