Fintech lenders told a House subcommittee July 12 that the federal government must give them the freedom to innovate, but the president of the American Bankers Association and others said they are concerned that such companies lack sufficient government supervision.
"The difference is oversight," ABA President Rob Nichols told the House Financial Institutions and Consumer Credit Subcommittee.
Nichols said while banks and other traditional financial institutions are subject to extensive examinations, independent online lenders do not receive the same scrutiny.
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