Consumers Pay the Price as State Regulation Fractures FinTech Scale

States are now reasserting control over credit access and bank-like services, particularly in BNPL, earned wage access and embedded credit. The result is not clearer oversight, but a regulatory patchwork that makes it harder for FinTechs to scale responsibly and harder for consumers to realize the benefits these models were built to deliver.

Killing the Goose That Laid the Golden Eggs

Over the last decade, FinTech firms have attacked the frictions of legacy consumer finance in material ways...