Overview
The CFE Fund recently submitted a letter to the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Federal Reserve Board in response to their request for information about Bank-FinTech partnerships. The letter highlighted our concerns about the importance of access to mainstream bank accounts and the significant safety risks associated with alternative FinTech provided products. We specifically highlighted the limited impact of increased transparency and education on the ability to understand differences between the mainstream and alternative products.