This important hearing addresses how technological innovation has resulted in the development of new services and delivery platforms by both traditional financial institutions and non-bank fintech companies. The rapid expansion of market participants and their products has brought new opportunities, as well as significant consumer protection concerns, to the financial marketplace. In my written testimony I will discuss in detail the essential legal questions and consumer protection issues that must be at the center of the broader fintech dialogues occurring between consumer groups, lenders, regulators, and Congress.
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Watch Scott Astrada's opening statement and the entire hearing: