WASHINGTON, D.C. – On Tuesday, June 25th, Congressman Stephen F. Lynch, Chair of the Task Force on Financial Technology, hosted his first hearing on “Overseeing the FinTech Revolution: Domestic and International Perspectives on FinTech Regulation”.  This hearing examined how advancements in financial technology are transforming the relationship between the financial services industry and the consumer and studied how regulators are seeking to harness the potential benefits and mitigate the potential risks of the FinTech revolution. 

The hearing may be viewed here.

The Task Force on Financial Technology examines 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

Witness List

Paul Watkins, Assistant Director, Office of Innovation, Consumer Financial Protection Bureau (CFPB)

Beth Knickerbocker, Chief Innovation Officer, Office of the Comptroller of the Currency (OCC)

Valerie Szczepanik, Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation, Securities and Exchange Commission (SEC)

Charles E. Clark, Director, Department of Financial Institutions, State of Washington, on behalf of the Conference of State Bank Supervisors (CSBS)

Christopher Woolard, Board Member and Director of Strategy and Competition, Financial Conduct Authority (FCA), United Kingdom