Chargebacks911 CEO Monica Eaton explores the Trump administration’s impact on financial regulators and what effect these changes will have in a new guest feature for Crowdfund Insider.
Crowdfund Insider is a leading news and information website covering the emerging global disruptive finance industry. This includes investment crowdfunding, blockchain/distributed ledger technology, digital assets, online lending, digital banking, and other forms of fintech. The company provides extensive coverage and industry-leading perspectives from a team of staff writers and leading industry expert contributors from around the world.
“With the shuttering of the Consumer Financial Protection Bureau (CFPB), the launch of innovative new systems like Open Banking now hangs in the balance, potentially ending before it even begins.” Monica warns in the piece. “If future rulemaking is stalled and existing regulations are rolled back, key protections and innovations in financial services could be lost.”
She goes on to explain that this disruption in rulemaking and regulatory protocol could hamper efforts to get more consumers online with open banking.
“Open Banking was designed to empower consumers, foster competition, and enable fintech growth. If it is not allowed to take off in the US, we risk entrenching outdated systems that benefit incumbents rather than promoting progress.”
