But as the regulator, we are fully aware that along with such initiatives comes a wide range of inherent risks. These risks should be carefully evaluated and credible mitigation measures must be put in place to ensure the safety of depositors’ funds and preserve the soundness of the financial system.
These organizations - ranging from firms that offer their services through electronic delivery mechanisms to local partnerships that provide one-on-one counseling and financing arrangements - provide consumers increased access to a variety of credit and savings instruments. For this ever-more complex financial system to function effectively, widespread dissemination of timely financial and other relevant information among educated market participants is essential.