Big Banks Seek Looser Oversight Rules

Major U.S. banks are reportedly lobbying the Federal Reserve to solidify current, more lenient regulatory standards. This strategic move aims to prevent future Democratic administrations from easily reversing these changes. The banks are advocating for a regulatory framework that preserves the current relaxed oversight, potentially impacting the fintech landscape by maintaining a less stringent environment for financial innovation and operations. This push suggests a proactive approach by large financial institutions to shape the future regulatory environment in their favor, influencing how fintech companies will operate and be supervised.