February 20, 2018

PaymentsCompliance quotes Gerald Sachs in an article about the restructuring of the CFPB's impact on fintech

1 min

Gerald Sachs was quoted in PaymentsCompliance on February 20, 2018, in an article about the new CFPB's strategic plan to scale back the size of the bureau's enforcement arm, reduce active investigations, and build closer reciprocal relations with industry.

Mr. Sachs pointed to several areas where fintechs could have scope to make their voices heard. "The prepaid card rule has been delayed, for example, which means that there is now an opportunity to seek revisions of certain sections — if that’s your industry," he said.

"If you're in the innovative financial product space you still want to have some type of dialogue with the CFPB to make sure you can receive guidance and have some influence on how the CFPB affects your industry," Sachs said.