WASHINGTON, D.C. - Congressman Stephen F. Lynch (D-MA) was named Chair of the Task Force on Financial Technology by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services.  Chairwoman Waters announced the creation of the Task Force on Financial Technology yesterday, as well as a Task Force on Artificial Intelligence and its Chair, Congressman Bill Foster (D-IL).

“I am honored and grateful to be named Chair of the Task Force on Financial Technology and would like to thank Chairwoman Waters for her support,” said Congressman Lynch.  “We are witnessing an exciting evolution in the financial services space, which will vastly improve the use and quality of services in lending, payments and money management. The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards. As we explore the future of financial services, this bipartisan task force will give us the opportunity to educate Congress on the opportunities and challenges posed by these technologies and what we can do to produce the best outcomes for consumers.”

The Task Force on Financial Technology will examine issues including:

·     Regulating Fintech: Domestic and International Perspectives 

·     Fintech Lending and New Inputs: Utilizing Alternative Data for Loan Underwriting and Modifications

·     Fintech and Consumers: Assessing the Infrastructure and Legal and Regulatory Framework for Efficient Payments

·     Fintech and Big Data: Reviewing Challenges to Data Privacy

“As new technologies emerge and the financial services industry puts those technologies to use, Congress must make sure that responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses,” said Chairwoman Waters. “The new task forces on financial technology and artificial intelligence, under the leadership of Congressman Lynch and Congressman Foster, respectively, will help Congress to stay on top of new developments in these areas so that we are well-positioned to make policy.”

Members of the Task Force on Financial Technology will include:

Congressman Stephen Lynch (D-MA), Chair

Congressman David Scott (D-GA)

Congressman Josh Gottheimer (D-NJ)

Congressman Al Lawson (D-FL)

Congresswoman Cindy Axne (D-IA)

Congressman Ben McAdams (D-UT)

Congresswoman Jennifer Wexton (D-VA)

Congressman French Hill (R-AR), Ranking Member

Congressman Blaine Luetkemeyer (R-MO)

Congressman Tom Emmer (R-MN)

Congressman Ted Budd (R-NC)

Congressman Bryan Steil (R-WI)