On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the FinTech market.

Senator Brown is the Ranking Member of the Senate Banking Committee and Senator Merkley is the Ranking Member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection. The agencies to which the letter was sent are the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau (“Agencies”).