Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, submitted comments to the Consumer Financial Protection Bureau (CFPB) on its Proposed Rule defining large participants in digital payment markets. The following statement can be attributed to TechNet Executive Vice President Carl Holshouser:
“Technology makes it easier for Americans of all backgrounds to better manage their financial lives through safe, secure, inclusive, and reliable financial tools, including digital wallets and payment applications. Any regulations focused on fintechs must ensure consumers are protected while continuing to allow innovation to flourish. The CFPB’s Proposed Rule takes a one-size-fits-all approach that deviates from past precedent. If enacted, it would introduce tremendous complexity and uncertainty into digital payments markets, to the detriment of consumers and businesses.
“We urge the CFPB to pause the rulemaking process, reconsider the Proposed Rule in its entirety, and ensure any rulemaking strictly adheres to the law.”
You can read our comments here.