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On Friday, July 12, 2024, at 10:00 a.m. (ET) Subcommittee on Financial Institutions and Monetary Policy Chair Congressman Barr and Subcommittee Ranking Member Congressman Foster will host a field hearing entitled, “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services."
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Witnesses for this one-panel hearing will be:
• Steve Trager, Executive Chair, Republic Bank & Trust Company
• Kirk Chartier, Chief Strategy Officer, Enova
• Mike de Vere, CEO, Zest AI
• Karen Harbin, President and CEO, Commonwealth Credit Union
• Amy Roberti, Head of Public Policy for the Americas and Global Tax Policy, Stripe
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Background
Banks and credit unions partner with third-party vendors, which increasingly employ updated technology (and are often called “fintechs”), to meet the evolving needs of consumers and businesses of all sizes and expand access to and reduce costs of financial services. Such partnerships help facilitate expanded opportunities in the form of access to financial services to households and businesses who may be less likely to access financial services through traditional bank products by increasing efficiencies and decreasing costs. The hearing explores opportunities presented by efficiency-enhancing third-party relationships in the provision of financial services by banks and credit unions, as well as safeguards necessary to ensure safety, soundness, and stability.
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Hearing page: [ Ссылка ]
