Financial Innovation Now today sent a letter to Republican and Democratic House leadership urging the consideration of two fintech-related bills recently introduced by Rep. Patrick McHenry [...]
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New Report Examines Regulatory Landscape of Financial Technologies
White paper shows extensive regulatory requirements for new marketplace entrants
WASHINGTON – JULY 11, 2016 – Financial Innovation Now, a public policy coalition comprised of Amazon, Apple, Google, Intuit and PayPal, today released a report titled, “Examining the Extensive Regulation of Financial Technologies.” The report details current state and federal regulatory compliance requirements for new marketplace innovators in financial services.
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About Financial Innovation Now
Financial Innovation Now is an alliance of technology leaders working to modernize the way consumers and businesses manage money and conduct commerce. We believe that technological transformation will make financial services more accessible, safe and affordable for everyone, and we promote policies that enable these innovations.
Our member companies include Amazon, Apple, Google, Intuit and PayPal.
Right now there are countless reasons for innovative stakeholders to accelerate the pace of change in financial services:
Transferring funds between bank accounts should be as fast as sending an email...
...but in the United States it can take three to five days for financial institutions to transfer and deposit money.
America’s entrepreneurs should have access to capital to grow their companies...
...but many small businesses cannot get loans because antiquated credit risk assessments are slow and costly, making it more profitable for traditional lenders to focus on large businesses.
Cashing and spending a paycheck should be easy and cheap...
...but over two billion people in the world lack access to the most basic financial services.
Consumers should be able to make payments safely at the touch of a single button...
...but the United States is trying to adopt a cumbersome European chip card invented in the 1980s. Payments can be even safer with far less friction.
The United States and the world can do better. Innovation in financial services has the potential to greatly improve how consumers and small businesses save, borrow, transact, and invest. We believe financial innovation will:
Financial Innovation Now is working with policymakers and other stakeholders to ensure that legislative and regulatory initiatives encourage the growth and adoption of new financial services technologies and products.
Brian Peters, Executive Director
Brian Peters is the Executive Director of Financial Innovation Now, and has served in numerous roles in government and advocacy in Washington, DC over the past decade. He is a partner at the Franklin Square Group, a technology and innovation-focused government relations and communications firm based in Washington, DC.