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Fintech, the emerging financial technology services sector, has experienced explosive growth in recent years as new products continue to launch across various sectors, including cyber currencies, consumer finance, banking, insurance and investment advisory services. Non-bank lending and digital payment processing (including online payment processing, mobile wallet payment and online peer-to-peer money transferring), two areas of fintech most closely associated with “traditional banking,” account for much of this growth.

As these new technologies and companies continue to launch in tandem with a growing credit union industry, opportunities for fintechs and credit unions to collaborate are also on the rise. However, along with this growth of the non-bank lending space comes growing regulatory scrutiny. For instance, the FDIC has noted its concerns about the risks it associates with marketplace lending, including third-party compliance, transactional risks, servicing and liquidity. The CFPB has also begun accepting consumer complaints regarding online marketplace lenders making consumer loans.

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