WASHINGTON, D.C. – The Financial Technology Association (FTA) today congratulated the newly-confirmed leadership of the Federal Deposit Insurance Corporation (FDIC), including acting Chairman Martin Gruenberg, Travis Hill, and Jonathan McKernan, and urged them to embrace financial services innovation that is delivering value for consumers, small businesses, and the economy.
“We congratulate the newly confirmed leadership at the FDIC and look forward to working with them on our shared mission of advancing competition and consumer choice,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “We urge the new leadership to embrace innovation and exercise their broad chartering authority to help lower costs and expand consumer access to financial services.”
In recent years, federal regulators have been slow to consider or approve charters for new market entrants like fintech. The FDIC has only approved a handful of new bank charters since 2010, undercutting competition in the financial services marketplace. FTA has called on bank regulators to exercise their broad chartering authority for financial technology companies seeking the advantages and benefits a bank charter may confer in return for federal regulatory oversight.
For more information, read FTA’s Just the Facts: Bank Charters for Fintechs.
The Financial Technology Association (FTA) represents industry leaders 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.