Logo image
Back
#Fintok and Financial Regulation
Journal article   Open access

#Fintok and Financial Regulation

Nikita Aggarwal, D. Bondy Valdovinos Kaye and Christopher K Odinet
Arizona State law journal, Vol.54(4), pp.1035-1071
2022
url
https://scholarship.law.tamu.edu/cgi/viewcontent.cgi?article=3060&context=facscholarView
Published (Version of record) Open Access

Abstract

Social media platforms are becoming an increasingly important site for consumer finance. This phenomenon is referred to as “FinTok,” a reference to the “#fintok” hashtag that identifies financial content on TikTok, a popular social media platform. This Essay examines the new methodological possibilities for consumer financial regulation due to FinTok. It argues that FinTok content offers a novel and valuable source of data for identifying emerging fintech trends and associated consumer risks. As such, financial regulators should use FinTok content analysis—and social media content analysis more broadly—as an additional method for the supervision and regulation of consumer financial markets. The Essay test-drives this method using audiovisual content from TikTok in which consumers discuss their experience with “buy now, pay later,” a rapidly growing and less regulated form of fast, digital credit. It reveals tentative evidence of payment difficulties and strategic default in the buy now, pay later credit market, with attendant consumer protection risks. These insights provide a point of entry for the further study and regulation of the buy now, pay later credit market.
 Credit tiktok fintech financial regulation consumer finance content analysis empirical CFPB enforcement rule making supervision market monitoring BNPL lending

Details

Metrics

96 Record Views
Logo image