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Community Banks Call Regulators to Toughen up on FinTech for the Common Good

Just as it almost seemed like banks and FinTech startups were past the confrontation stage and had entered a constructive mode of collaboration and mutual empowerment, community banks have demonstrated a certain rigidity to accept the trend. It appears that the community banks are sticking to competition and believe that FinTech startups are eating up their bread.

The ICBA (Independent Community Bankers of America), in particular, has recently called regulators to toughen up on FinTech startups playing the Lending Club card in explanation of its position.

As Karen Thomas, Senior Executive Vice-President at the trade group commented, ...

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