GOP Concerns Over FDIC Fintech Policies: Transparency Needed

Three Republican Members of House Financial Services Committee express concern over FDIC’s policies on financial technology and innovation

On February 2, 2024, three Republican members of the House Financial Services Committee, including Committee Chairman Patrick McHenry, voiced their concerns over the Federal Deposit Insurance Corporation’s (FDIC) policies on financial technology (fintech) and innovation. In a letter addressed to FDIC Chair Martin Gruenberg, the congressmen highlighted issues such as the FDIC’s recent shift in focus and its potential to hinder the development of new and beneficial financial products and services.