The Buzz: “Like many technology driven industries, [Fintechs] regulations are horribly outdated, authored at a time when an app meant fries for the whole table, and spam was just canned meat. Imagine running a business under laws written before your industry or product ever existed…Congress directions for regulators about what “banks” are and do are based on how banking worked in the 1970s…Banks, as institutions, do not really exist anymore. Customer activities exist and financial services exist and they are part of a complex and perpetually shifting network of problems and solutions Customers
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