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ETA submits comments to the BASEL Committee Consultative Document, “Implications of Fintech Developments for Banks and Bank Supervisors”

ETA’s comments to the BASEL Committee Consultative Document – Implications of Fintech Developments for Banks and Bank Supervisors – make ten recommendations for financial institutions and regulators to consider when addressing the changes brought on by FinTech.

In general, the recommendations take existing regulatory principles like safety and soundness, tailoring for risk, coordination with other regulators, and good internal controls and apply them to fintech. ETA’s comments are supportive of the application of these principles, especially the tailoring as FinTech companies often present a lower and different rick profile from more establishes and larger firms.

View the letter here.

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