As the U.S. Senate Banking Committee continues to examine how to regulate the fintech industry, Sen. Elizabeth Warren, D-Mass., urged the government to move on a regulatory approach and encourage productive innovation but warned that customers need to be protected from unnecessary risks, ThinkAdvisor reports. Warren said many of the recommendations set forth in the Treasury's fintech report gave her concern, particularly those that would roll back existing rules and allow banks to share information with third-party data aggregators. At the hearing, Stuart Rubinstein, president of Fidelity Wealth Technologies and head of data aggregation, spoke on the practices employed by Fidelity to protect customer data, which he said, “should guide industry in creating better data sharing solutions.”
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