ABA might be slightly biased, but it's hard to imagine how FinTech can avoid being regulated in much the same way as traditional firms.
Whatever regulatory environment emerges to shape fintech must focus on activity, not charter type. Payments should be subject to a consistent supervisory treatment, regardless of what entity handles them — and likewise for loans, deposits and any other financial product. Bank compliance with consumer protection laws is enhanced by the supervisory relationship with regulators, which nonbanks — even though subject to many of the same laws — do not have. Without regular examinations, nonbanks that have consumer protection lapses are usually dealt with only after some harm has already occurred.