Hsu says US needs proper regulation of bank-fintech alliances

Office of the Comptroller of the Currency
Photo: Radharc Images/Alamy Stock Photo

Michael Hsu, the acting US comptroller of the currency, said he is “not trying to do away with” joint ventures between banks and fintech companies. However, he said banks need to better evaluate risks.

“This is the future, so let’s do the future right,” Hsu said in an interview with Reuters, published on October 13.

Hsu also said legislators and regulators were spending too much time examining the role of cryptocurrency, neglecting other novel activities in the financial sector.

In its bank

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