I'll speak to the supervisory perspective on this. My colleagues may want to add something by way of policy and research.
Insofar as fintechs develop a relationship with a regulated financial institution, the obligations that rest with that financial institution are extended to that contractual relationship with the fintech. Fintechs are generally not regulated federally. Therefore, our mandate, as it relates to federally regulated financial institutions, would not capture fintechs operating outside that perimeter, but again, when they do engage in a relationship with a regulated entity, the market consumer protections extend to the consumers of those fintechs.