After weeks of simmering tensions, the battle between fintech firms and banks is finally spilling into the public eye—and it’s pitting factions of the fragile Trump coalition against each other.
This is where things get tricky. In a strictly Manichean outlook on Trump world, you might think that any supporter wants to destroy the CFPB and anything it stands for. But now you have financial technology advocates arguing that, actually, the CFPB should be moving forward with its open banking proposal (but probably not any of its pesky enforcement work). It almost seems like an ancient Greek paradox. Is implementing regulations that create more freedom in markets actually deregulatory?
