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Input: Traditional lenders should demand that online financial companies protect consumer privacy and money interests    Federal Reserve Governor Lael Brainard  said on Thursday . " Banks have considerable influence   " Brainard  said of the relationship between conventional lenders and online operators . Banks often pay tech companies for the information they gather on borrowers . For that reason    Brainard  said   those lenders can set high standards in consumer protection and privacy . " Banks have a stake in ensuring that their vendors and third - party service providers act appropriately   that consumers are protected and treated fairly   and that the banks ' reputations aren ' t exposed to unnecessary risk  " she said in prepared remarks at a fintech conference at the University of Michigan . The Federal Reserve has broad authority to police the banking industry and  Brainard  said technology has given more clients financial options . Lenders need to ensure that customer privacy is sacrosanct   said  Brainard  . ( Reporting By Patrick RuckerEditing by Chizu Nomiyama )

Traditional banks should help govern fintech: Fed's Brainard