US needs regulatory framework for non-banks, Treasury says
Non-banks’ provision of core banking services causes risks to privacy and stability, says report
Banking services provided by US non-banks are falling outside of federal regulation, creating stability and privacy concerns, warned a US Treasury Department report, published on November 16.
Regulators need to apply a supervisory framework to relationships between banks and fintech companies, it said.
Insured depository institutions, namely traditional banks, have access to the discount window, payment services and Federal Deposit Insurance Corporation insurance. They receive those
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