Appearing in Bloomberg Law on March 25, 2026, Cassandre Coyer and Evan Weinberger talk to Carla Sanchez-Adams, senior attorney at NCLC about how non-bank, fintech lenders targeting teens could warrant stronger guardrails from businesses, such as making sure terms of use are easy to understand.
Other concerns from consumer advocates stem from the maturity of companies targeting teens. While banking institutions have extensive experience adhering to the Truth in Lending Act, the Equal Credit Opportunity Act, and other federal consumer financial protection laws, younger startups may not prioritize data protection the same way. Banks providing accounts and other services targeted at minors have more robust oversight from federal regulators, even with Trump administration efforts to roll back examination and enforcement.
“With my kid, I’d want them at a traditional bank,” said Carla Sanchez-Adams, a senior attorney at the National Consumer Law Center.
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