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U.S. bank regulator warns of crisis risk from fintech proliferation

Reuters: “The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday. “I believe fintechs and big techs are having a large impact and warrant much more of our attention,” Hsu told a New York conference, noting the encroachment of fintech companies into the traditional financial sector, including via partnerships with banks, was creating more complexity and “de-integration” across the banking sector…”

Source: OCC – Acting Comptroller of the Currency Michael J. Hsu, Remarks at the TCH + BPI Annual Conference – “Safeguarding Trust in Banking: An Update” September 7, 2022.
September 7, 2022

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