You can’t spell FinTech without FTC

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The Consumer Financial Protection Bureau (CFPB) is not the only consumer watchdog keeping a close eye on the financial sector and certainly not the only agency focused on FinTech. This is also a key area for the Federal Trade Commission (FTC). FinTech provides an exciting array of financial products and services that benefit consumers. From online lending to payment apps, these technologies offer consumers fast and convenient access to financial services. But companies providing new and innovative digital products cannot take shortcuts when it comes to complying with traditional consumer protection principles without risking catching the attention of the FTC. In this post, we describe several recent FTC actions highlighting key enforcement issues facing FinTech companies. Importantly, companies should keep in mind that basic consumer protection principles continue to apply in the new economy.