US Senator Warns of Data Privacy Risks Linked with Fintechs
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At a hearing entitled “Fintech: Examining Digitzation, Data, and Technology”, Massachusetts senator Elizabeth Warren recommended that the government take a methodical approach to fintech regulation so that a balance between innovation and consumer protection can be achieved.
The Senate Committee on Banking continued to tackle last Tuesday the topic of fintech regulation and how it will affect concerns on data aggregation and consumer privacy.
Warren also expressed her apprehensions on the recommendations the Treasury Department made in its report which seems to advocate for deregulation.
Source: ThinkAdvisor