Consumer Financial Protection Bureau
(via Business Insider)
The Clearing House, an advocacy group owned by the world’s largest commercial banks, is gunning for payment startups.
The body said in a report seen by Business Insider that startups and tech companies playing in the payments space should be regulated like big Wall Street banks.
The report, titled "Ensuring Consistent Consumer Protection for Data Security: Major Banks vs. Alternative Payment Providers," argues that payment startups collects and transmits roughly the same level of personal data and financial information as the banking industry but "avoids the reach of traditional financial regulators." … Continue reading