Todd Zywicki on Fintech Regulation
ICLE Academic Affiliate Todd Zywicki was quoted in The Center Square regarding regulations surrounding fintech’s use of consumers’ financial data:
“What we want is a system where the information can be used well, it can be used to benefit all consumers, to grow competition and the like,” said Todd Zywicki, law professor at George Mason University.
Zywicki also warned against allowing large banks to act as monopolies with future rulemaking. He said banks could charge millions of dollars to financial tech companies like Plaid to grant access for customers to receive data.
“I think there is a role here for some sort of government control over price,” Zywicki said. “If we don’t make this information available at reasonable costs to consumers so that they can use it for their benefits, people are going to come up with workarounds that could very well be less secure.”
Read the full piece here.