TechNet’s Statement on the Consumer Financial Protection Bureau’s Final Rule on Large Participants in Payment Markets

Washington, D.C. - TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, issued a statement in response to the Consumer Financial Protection Bureau's (CFPB) final rule giving the CFPB more authority over large participants in digital payment markets. The following statement can be attributed to TechNet Executive Vice President Carl Holshouser:

"Technology helps Americans of all backgrounds manage their financial lives. The CFPB's rule doesn't benefit consumers or the market, but it would stifle fintech innovation. The final rule's one-size-fits-all approach fails to follow applicable law, does not identify any specific consumer harm, and largely ignores stakeholder comments. Instead, the Bureau casts a wide net to turn itself into a general technology regulator instead of a financial one. TechNet urges the Bureau to immediately withdraw this ill-advised rule and is exploring all options, including litigation, if it does not reverse course."

Background:

TechNet previously submitted comments on the proposed rule, which can be found HERE.

Carl Holshouser, TechNet's Executive Vice President, previously testified on the rule before the U.S. House of Representatives Committee on Financial Services, Subcommittee on Digital Assets, Financial Technology, and Innovation. His opening statement can be found HERE.