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Banks and credit unions agreed on a main theme of a House hearing Wednesday: Some fintechs offering bank-like services need more federal regulation to ensure consumers are protected and remove the unfair competitive advantages from their scant regulation.
Jim Reuter, CEO of First Bank of Denver, spoke on behalf of the American Bankers Association at the webcast hearing. Credit unions did not have a speaker among the five invited witnesses, but both CUNA and NAFCU sent written comments.
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