ETA Hosts FinTech Policy Forum
9-22-2016
Today, ETA hosted our inaugural FinTech Policy Forum connecting Members of Congress, Hill and regulatory staff, government affairs professionals, industry experts and payments executives to discuss how developing technology and public policy can work together on such topics as privacy, data protection, mobile technology, online small business lending, the convergence of traditional and new players, and helping the underserved.
“The FinTech Policy Forum gave real world examples of how excessive or premature regulation could suppress industry innovation,” said Scott Talbott, Senior Vice President of Government Affairs at ETA. “Alternatively, we heard how policymakers can embrace the transformative potential of FinTech to maximize the benefits to consumers, small businesses and the American economy”
One of the keynote speakers, Congressman Patrick McHenry, the Chief Deputy Whip of the House, announced the introduction of new legislation designed to boost Fintech innovation in the United States. The Financial Services Innovation Act of 2016, is part of the broader Innovation Initiative created by McHenry and House Majority Leader Kevin McCarthy. HR 6188, as it is currently worded, will establish a regulatory framework that helps FinTech firms and startups gain the access and flexibility they need to innovate and experiment. The legislation will mandate that 12 different regulators must establish “Financial Services Innovation Offices” or FSIOs within their agencies. Firms may apply for an “enforceable compliance agreement” with the FSIOs that, if accepted, will allow them to provide an innovative product or service under an alternative compliance plan, which modifies regulation that is antiquated or unduly burdensome.
At the FinTech Policy Forum, attendees were able to engage in frank discussion about opportunities to advance a regulatory environment that supports innovation and sort out any unintended consequences of new regulation or legislation that may stifle innovations fueling economic growth
Hosted at the Newseum in Washington D.C., today’s FinTech Forum featured many notable speakers including Congressman Patrick McHenry (R-NC), Terrell McSweeny, Commissioner, Federal Trade Commission, National Economic Council, and Dan Quan, Senior Advisor to the Director, U.S. Consumer Financial Protection Bureau.
Questions? Contact Scott Talbott, Senior Vice President of Government Affairs, at [email protected].
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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