GAO Report Finds Regulators Could Take Further Steps to Better Protect Fintech Consumers


In a report released March 22, 2018, the U.S. Government Accountability Office (“GAO“) explained that existing laws and regulations may not be adequate to mitigate the risks posed by the increasingly widespread usage of fintech products and services. The report, which was prepared in response to a request from Congress, covers four major fintech product and service areas—payments, lending, wealth management, and distributed ledger technology.

In its report, GAO made numerous recommendations to regulators with the hope of “improving interagency coordination on fintech, addressing competing concerns on financial account aggregation, and evaluating whether it would be feasible and beneficial to adopt regulatory approaches similar to those undertaken [abroad].”

Click here to read the full report and here to read the highlights.