One US agency is under investigation – and it could spell trouble for US fintech

From: Business Insider

The US Consumer Finance Protection Bureau (CFPB) is an active supporter of fintech and more specific fintech regulation via its Project Catalyst initiative, but its ability to continue in this role is in question as it faces an increasing number of challenges.

The agency has been hit hard by critics of late, and President-elect Trump’s transition team is investigating the CFPB’s recent performance, according to the Wall Street Journal. At the same time, it remains embroiled in a legal battle over whether its organizational structure is constitutional. If the CFPB is unable to untangle itself from these issues, it could negatively impact its fintech initiatives — and the US fintech industry more broadly.

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