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Regulators Put Pressure On Fintech Platforms to Improve Customer Disclosures

By Chris O'Malley
August 01, 2023

Regulators cranking up scrutiny of digital-payment platforms after fund-access and customer service problems in recent years are now broadening their gaze into what happens if they collapse.

That's placing additional pressure on these fintech platforms to improve customer disclosures and possibly even find new ways to backstop against potential insolvency.

"Getting really good compliance advice is critical for companies right now," said Siran Faulders, a member of the state attorneys general practice at Cozen O'Connor. "It's something on the top of the mind of many GCs."

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