Outlines policy recommendations to ensure the U.S. remains the home of financial innovation
WASHINGTON, D.C. – The Financial Technology Association (FTA) today released its “Future of Finance” policy agenda, a roadmap for modernizing the U.S. financial system to promote responsible innovation, expand access to financial services, and ensure America remains the global leader in financial technology.
The agenda outlines three key priorities:
- Ensuring avenues for responsible financial innovation.
- Supporting modern and secure financial infrastructure.
- Expanding financial access, choice, and inclusion.
“Fintech is powering the financial lives of over eight in ten Americans, expanding access to vital services while saving time and money,” said Penny Lee, President and CEO of the Financial Technology Association. “As our lives become more digital, we need to modernize our financial policies and regulations so that even more consumers, small businesses, and entrepreneurs can benefit from innovation.”
Key recommendations include:
- Promoting regulatory innovation offices, sandboxes, and other tools to facilitate responsible fintech development
- Supporting a healthy and safe bank-fintech partnership ecosystem
- Supporting the Consumer Financial Protection Bureau’s open banking rulemaking to give consumers secure control of their financial data
- Granting well-regulated payment companies direct access to national payment systems
- Crafting appropriate regulatory frameworks for consumer finance innovations like Buy Now Pay Later and Earned Wage Access
- Modernizing credit reporting and expanding the use of alternative data to inform in lending decisions and expand responsible access to credit
- Establishing clear, consistent, and uniform national privacy standards to protect consumers and provide clarity and consistency
- Enhancing financial education and expanding access to wealth-building opportunities
The full policy agenda is available here.
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The Financial Technology Association (FTA) represents leading fintech companies shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.