From: ABA Banking Journal
As bank regulators consider internationally coordinated activity to address challenges posed by fintech, the American Bankers Association said yesterday that a global regulatory framework is not well-suited to oversee fintech beyond the areas where robust coordination already exists, such as cybersecurity, payments and illicit finance.
“Banking agencies around the world are responsible for the oversight of banks and do not have the authority to provide direct oversight to the non-bank fintech providers,” ABA said in comments to the Basel Committee on Banking Supervision. “Any international framework would do little to bring nonbank fintech providers under consistent regulation.”
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