The original deadline for submitting comments was September 30, 2024, but the agencies are extending this deadline to October 30, 2024.
Phase 1: Public Commenting Period
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Fintech Banking Policy Commenting PeriodStep 1) Click button “COPY” – NOTE: You are copying the text in the quote box below
Step 2) Click link [in red] which takes you to Regulation.gov and paste your comment and submit – NOTE: This will open a new tab on Regulations.gov
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“Fintech practices in banking often exploit consumers by making complex products that are difficult to understand, shifting the responsibility of navigating these complexities onto the consumer.”
“The predatory nature of many fintech arrangements in banking means that consumers are left to figure out intricate details on their own, which can lead to financial harm.”
“Bank-fintech partnerships often involve convoluted terms and conditions that are designed to confuse consumers, placing the burden of knowledge unfairly on them.”
“Many fintech solutions in banking are overly complicated and fail to prioritize user-friendliness, which makes it difficult for consumers to make informed decisions.”
“The complexity of fintech products can be intimidating for consumers, and this burden of understanding these products is often unfairly placed on them.”
“Fintech arrangements frequently result in predatory practices, with consumers having to navigate through a maze of technical jargon and complex terms.”
“The current state of bank-fintech products often puts consumers at a disadvantage by making financial products overly complex and difficult to understand.”
“Predatory fintech practices in banking involve hidden fees and convoluted terms that are difficult for consumers to decipher, leading to potential financial exploitation.”
“There is a pressing need for simpler, more transparent fintech solutions in banking to prevent the consumer burden and predatory behavior that currently exist.”
“Many fintech products are designed with intricate details that are challenging for the average consumer to comprehend, leading to unintentional financial risks.”
“The complexity of fintech practices in banking often places an unfair burden on consumers to fully understand and manage their financial products.”
“Bank-fintech partnerships should prioritize consumer education and simplify their offerings to reduce the risk of predatory practices.”
“Consumers are frequently at a disadvantage with complex fintech products that mask their true costs and risks, making financial decisions more difficult.”
“The fintech industry in banking needs to focus on creating user-friendly products that do not place an undue burden on consumers to understand and manage.”
“Predatory fintech practices often involve hidden costs and complex terms that consumers struggle to fully grasp, leading to potential exploitation.”
“Bank-fintech arrangements should be more transparent and straightforward to prevent the burden of navigating complex terms from falling on consumers.”
“The current complexity of fintech products in banking can be seen as a form of predation, where consumers are left to navigate and understand intricate details on their own.”
“There is an urgent need for more intuitive and accessible fintech solutions in banking to protect consumers from predatory practices and unnecessary confusion.”
“Fintech products often involve confusing terms and hidden fees that disproportionately affect consumers, highlighting the need for clearer, more user-friendly options.”
“To prevent predatory practices in bank-fintech partnerships, there should be a push for simpler, more transparent financial products that do not place an undue burden on consumers.”