‘A lot of people are going to get hurt’: Petrou on fintech risk

By Penny Crosman | American Banker, 

“The same principles around illegal, improper, deceptive or confusing practices that are applied to regulated financial institutions need to be applied to nontraditional providers”, Petrou said.

“If we have an asymmetric safety and soundness and consumer protection framework, which now we do, it will be a lot more profitable to offer product outside the reach of all the rules,” she said. “And a lot of people are going to get hurt.”