WASHINGTON, D.C. – The Financial Technology Association (FTA) today welcomed the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. 

“The Federal Reserve Board of Governors can play a powerful role in allowing market innovation to flourish. That includes encouraging competition in the economy, expanding access to Fed services, and coordinating with federal and state regulators to drive greater certainty,” said Penny Lee, Chief Executive Officer of the Financial Technology Association. “We applaud the historic confirmation of Dr. Cook and Dr. Jefferson and look forward to working with the full Board to shape the future of financial services.” 

Recently, the FTA expressed support for the Federal Reserve’s effort to clarify account access standards while still encouraging innovation. The FTA urged the Board to avoid an overly rigid approach that would deter new market entrants. The FTA also called on the Federal Reserve to expand access to its services for technology-based payments companies to increase innovation and lower costs for consumers. 



The Financial Technology Association (FTA) champions the transformative role of financial technology for American consumers, businesses, and the economy. Representing industry leaders, FTA elevates fintech’s power to increase competition and drive financial innovation through responsible products and services. As our members’ voice in Washington, FTA advocates for the modernization of regulation to support greater access to financial services.