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Outside the Box: How ‘too-big-to-fail’ banking giants limit ways fintech firms can handle your money

Innovative fintech companies let us refinance a loan from home, trade stocks in line at the pharmacy, and buy Girl Scout cookies with a mobile wallet, curbside.

Convenience isn’t the only advantage. Financial technology companies (fintechs) are changing financial behaviors, improving access to credit, increasing savings and investment returns, and providing customized products to meet evolving financial needs. The task of protecting customers and the economy from harm falls to financial regulators who may struggle to differentiate each new business model and the respective risks.

Existing regulatory “roadways” have been redefined by eighteen-wheel, “too-big-to-fail” nationally chartered banks, which dominate the smaller, family-car community banks for which the roads were designed.

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