On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the FinTech market. In the letter, Senators Brown and Merkley noted that FinTech companies have expanded their presence and products in recent years, emphasizing a statement by the Financial Stability Oversight Council in its recent 2016 annual report that financial innovations “merit special attention from financial regulators who must be vigilant to ensure that new products and practices do not blunt the effectiveness of existing regulations or pose unanticipated risks to markets or institutions.”
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