We are pleased to share this issue of Fintech in Brief, which discusses that large technology companies and innovators in the consumer financial services space should expect to see stepped up regulatory attention ahead. The Consumer Financial Protection Bureau (CFPB) continues to increase its focus on data-intensive business practices and “large technology conglomerates” in consumer finance, as evidenced by the recent statement of Director Rohit Chopra and Chief Technologist Erie Meyer. The statement announces the CFPB’s efforts to step up its capabilities to address “transformative technologies.” This statement was made in conjunction with a statement from the Federal Trade Commission (FTC) that recognized the need to strengthen the capacity and enforcement efforts of the FTC’s technologist group to address the increasing “digitization of the economy.” Both regulators appear aligned in their goal of enhancing internal resources in order to keep apace with technological advances in the industry.

Click here to read this issue.