FTA Comment Letter on DOJ/NEC RFI re: State Laws that Adversely Affect the National Economy
The Financial Technology Association (FTA) submitted a comment letter in response to the Department of Justice and the National Economic Council’s Request for Information on state laws that significantly and adversely affect the national economy or interstate economic activity. FTA commends the Administration’s proactive effort to identify laws “that hinder America’s economic growth” and “burden consumers, small businesses, and industry.”
FTA urges federal leadership to address state measures that “create a crushing regulatory burden and project the regulatory preferences of a few States into all States,” undermining interstate commerce and a modern, unified ecosystem. Specifically, FTA advocates for federal preemption to replace fragmented state regimes in four areas that significantly affect the delivery of digitally native financial services:
Artificial Intelligence (AI) laws and regulations that impede financial services;
State-level efforts to apply forms of the “True Lender” doctrine and to opt-out of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA);
State data privacy legislation; and
Inconsistent state-level Earned Wage Access (EWA) laws, regulations, and guidance.
The bottom line is that federal preemption can “reduce compliance burdens, foster digital innovation, expand access,” and strengthen U.S. competitiveness while maintaining strong consumer and small business protections.
The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.
FTA Comment Letter on DOJ/NEC RFI re: State Laws that Adversely Affect the National Economy
The Financial Technology Association (FTA) submitted a comment letter in response to the Department of Justice and the National Economic Council’s Request for Information on state laws that significantly and adversely affect the national economy or interstate economic activity. FTA commends the Administration’s proactive effort to identify laws “that hinder America’s economic growth” and “burden consumers, small businesses, and industry.”
FTA urges federal leadership to address state measures that “create a crushing regulatory burden and project the regulatory preferences of a few States into all States,” undermining interstate commerce and a modern, unified ecosystem. Specifically, FTA advocates for federal preemption to replace fragmented state regimes in four areas that significantly affect the delivery of digitally native financial services:
The bottom line is that federal preemption can “reduce compliance burdens, foster digital innovation, expand access,” and strengthen U.S. competitiveness while maintaining strong consumer and small business protections.
Read the comment letter here.
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.