Statement by the Electronic Transactions Association (ETA) Regarding the Introduction of the Financial Services Innovation Act of 2016

ETA applauds the leadership of Congressman Patrick McHenry and House Majority Leader Kevin McCarthy for introducing HR 6188, the Financial Services Innovation Act of 2016, which will establish a regulatory framework that supports FinTech growth and innovation. 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 agreement” with the FSIOs that allows them to provide an innovative product or service under a modern compliance program.

About ETA

The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.

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