WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced support for The Small Business Technological Advancement Act (S. 2330), bipartisan legislation introduced by U.S. Senators Todd Young (R-IN), Jackie…
WASHINGTON, D.C. – At the Philadelphia Federal Reserve Bank’s Seventh Annual Fintech Conference, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra reiterated that the Bureau will issue a proposed rule…
The Financial Technology Association (FTA) joined a group of trade associations in calling on Congress not to move forward with legislation that would limit competition and impede access to capital…
In our latest Fintech Explained blog, we sit down with Sharon Carmeli, General Counsel and Chief Compliance Officer at Bluevine, to discuss ways fintechs instill a culture of compliance through…
“EWA products are not credit and should not be classified as loans – they simply give employees access to their already earned wages,” said Penny Lee, President and Chief Executive…
“The Financial Technology Association, with fintech members that include Block, Klarna, and Stripe, was quick to denounce the guidance, saying it “could jeopardize access” to EWA services for workers in Connecticut.…
The Financial Technology Association (FTA) sent a letter to the Maryland Office of Financial Regulation (OFR) in response to its Guidance on Earned Wage Access (EWA) products and in support…
“Industry groups have already started to push back on Gensler’s attempts to set guardrails around the use of artificial intelligence and predictive analytics. More than a dozen Washington industry groups, including representatives…
The Financial Technology Association (FTA) joined a group of trade associations to express concerns with the Securities and Exchange Commission’s (the “Commission”) proposed rule regarding Conflicts of Interest Associated with…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today issued a statement on newly released guidance by the Connecticut Department of Banking that could jeopardize access to Earned Wage Access…
Consumer expectations for digital financial services are shifting. More than eight in ten Americans use financial technology – or fintech – to manage their money, and 93 percent say they…
“Speaking on behalf of our [earned-wage access] members, they want the certainty of regulation,” said Penny Lee, president and CEO of the Financial Technology Association, a trade group representing several…
Digital financial tools are the new normal, with eight in ten consumers using a fintech product to send, manage, save, or invest their money, according to The Harris Poll. Yet,…
Even though 8 in 10 Americans use a financial technology – or fintech – product to manage their money and 82% use digital tools to send, receive, or process payments, fintechs do not have…
The Financial Technology Association (FTA) appreciates the opportunity to provide feedback on the Financial Stability Oversight Council’s request for public comment on its proposed analytic framework for financial stability risk…
In a letter sent to Ernst and Cardin on Monday, the Electronic Transactions Association, Financial Technology Association, Innovative Lending Platform Association and Small Business Finance Association urged the lawmakers to…
“We are excited to have WebBank join FTA and welcome Parris Sanz to our Board of Directors. FTA will benefit from WebBank’s expertise as a trusted bank partner for the…
Preeminent bank partner for the nation’s leading fintechs adds to FTA’s growing community of affiliate members. WASHINGTON, D.C. – Today, the Financial Technology Association (FTA) announced that WebBank has joined…
The Financial Technology Association (FTA) expressed deep concern in a letter to Senator Cardin and Senator Ernst regarding the Community Advantage Loan Program Act of 2023, which would amend recent…
In the modern day, a variety of payment options is an absolute necessity for an organisation’s success. Financial Technology Association (FTA), the trade association representing finance leaders, president and chief…
“This bill limits competition in the market,” the Electronic Transactions Association, Financial Technology Association, Innovative Lending Platform Association and the Small Business Finance Association said in a letter to Small…
The U.S. government’s instant payment system, FedNow Service went live this week…For its part, the Financial Technology Association released a statement on July 20, welcoming the new instant payments system in the…
WASHINGTON, D.C. – Today, Financial Technology Association (FTA) President and Chief Executive Officer Penny Lee released the following statement on the launch of FedNow, the Federal Reserve’s new instant payments…
The Financial Technology Association (FTA) appreciates the opportunity to provide feedback on the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on data brokers and other business practices involving…
“We applaud Missouri for passing bipartisan legislation supporting responsible innovation and giving consumers greater financial freedom,” the association’s CEO, Penny Lee, said in an emailed statement. “We call on other…
Missouri becomes the second state after Nevada to establish a regulatory framework for EWA WASHINGTON, D.C. – The Financial Technology Association (FTA) applauds Missouri Governor Michael Parson for signing into…
With open finance, the next iteration of open banking, consumers can control and share their financial information securely with TPPs or financial institutions, accessing an array of financial services including…
In a January 6, 2023 comment letter to the SBA, Penny Lee, CEO of the Financial Technology Association—the trade association representing fintechs—pledged support for the new rules: “Fintechs play an important…
The Financial Technology Association (FTA) welcomed Pipe as its newest member. Pipe claims it is “the modern capital platform, built to connect entrepreneurs, and small and mid-size business owners to…
California regulators are suggesting that programs that allow workers fee-free access to their earnings between pay periods should be treated as loan products. That’s wrong and short-sighted, writes Penny Lee…
Financial technology is transforming how Americans manage their finances, providing access to low-cost, seamless, and responsible financial products and services. Critical to these innovations is “open banking,” consumers’ right to…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today welcomed Pipe as its newest member. Pipe is the modern capital platform built to connect entrepreneurs and small and mid-size business…
In a statement, Financial Technology Association President and CEO Penny Lee welcomed the guidance, saying it “acknowledges the benefits that third parties like fintechs provide and offers a constructive framework to mitigate…
Three federal bank regulators finalized risk management guidance for banks to consider when developing relationships with fintechs and other third parties…Financial Technology Association President and CEO Penny Lee wrote in…
Bank regulators issued long-awaited guidance Tuesday on how financial institutions should approach third-party relationships, such as tie-ups with fintech firms…At least one trade group has come out in support of…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today released a statement applauding House passage of H.R. 835, the Fair Investment Opportunities for Professional Experts Act, legislation sponsored by Rep.…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today issued a statement on the release of final interagency third-party risk management guidelines by the Board of Governors of the Federal…
The Forbes Fintech 50 honors FTA members Brex, Carta, Chime, MX, Plaid, and Stripe as leaders shaping the future of personal finance, payments, business banking, and cap table management. Learn more about the honorees innovating to create…
With the rapid growth of earned wage access (EWA), US states are increasingly working towards bringing this new product category into a clearer regulatory framework. Against a backdrop of high…
But accounts with payment apps are “safe and transparent,” said Miranda Margowsky, a spokeswoman for the Financial Technology Association, whose members include PayPal and Cash App parent company Block. “FTA…
The Financial Technology Association, an industry group that represents PayPal as well as Cash App’s owner Block, emphasized in a statement that those products are safe. “Tens of millions of…
During Small Business Month, we applaud small business owners and recognize their vital role in our world today. In 2023, American small businesses employ more than 60 million people and…
The Financial Technology Association (FTA), a trade association representing fintech industry leaders, has urged the California Department of Financial Protection and Innovation (DFPI) to ensure Californians have access to their…
“In a comment letter to the California DFPI, the Financial Technology Association (FTA) voiced concerns about the proposed rule’s classification of EWA products as loans and voluntary payments as credit…
A May 17 letter from the Financial Technology Association noted that former Arizona Attorney General Mark Brnovich (R) determined that earned-wage access products don’t fall under the state’s definition of…
Endorses DFPI’s proposed registry and urges further study of the consumer benefits of EWA WASHINGTON, D.C. – The Financial Technology Association (FTA), a trade association representing fintech industry leaders, today…
Every year in May, the Small Business Administration recognizes the contributions of America’s small businesses during National Small Business Week. Small businesses are the backbone of the economy, employing tens…
As Financial Capability Month comes to a close, Fintech Explained sat down with a leader in the financial education space, Billy J. Hensley, Ph.D., president and CEO of the National…
Quality data is foundational to financial capability and well-being, whether that’s helping people make better decisions through improved financial literacy or empowering policymakers with the right information to craft effective…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today released a statement applauding the publication of a final rule by the Small Business Administration (SBA) lifting the moratorium on licensing…
As the Financial Technology Association (FTA) continues to mark National Financial Capability Month, we sat down with Delicia Hand, Director of Financial Fairness Advocacy at Consumer Reports, an independent, non-profit…
The CFPB is facing pressure to expand coverage of its open banking rule to include mortgage, student and auto loan, and other credit accounts that advocates say will provide people…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today issued a statement on the final report of the Small Business Review Panel (SBREFA) on the Consumer Financial Protection Bureau’s proposal…
April is National Financial Capability Month, an annual effort to raise awareness about the importance of making smart financial decisions and managing your money effectively. Financial literacy connects fundamentally to…
Proposals would undermine competition in the financial services industry and fail to protect consumers. WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted responses to the Consumer Financial Protection…
WASHINGTON, D.C. – The Financial Technology Association (FTA) released a statement on the Consumer Financial Protection Bureau (CFPB)’s finalized rule under Section 1071 of the Dodd-Frank Act regarding small business…
Female leaders are helping grow representation in fintech and ensuring more women can access the financial tools for success. The Financial Technology Association (FTA) represents industry leaders committed to breaking down barriers…
In a statement for the record ahead of the SBA Administrator’s testimony on Capitol Hill, FTA highlights financial technology’s value to small businesses nationwide. WASHINGTON, D.C. – The Financial Technology…
Investing helps people build wealth, reduce economic inequality, and level the financial playing field. Thanks to innovations in financial technology, individuals who used to face barriers to investing, like high…
This Women’s History Month, the Financial Technology Association is profiling powerful women leaders in fintech and spotlighting ways that their expertise and leadership help expand access to financial services for…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced that banking-as-a-service (BaaS) leader Synapse has joined the association as its newest member. Synapse empowers companies with the technology to…
More and more of us today use digital tools to spend, save, manage, and invest our money. Eight in ten Americans used a fintech product in 2022, and 93 percent…
Buy now, pay later products can offer consumers facing mounting debt a cheaper option than high- interest credit cards but lack some other protections of traditional financial tools, the Consumer…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced that Rho, the automated spend and cash management platform for businesses, has joined the association, bolstering the FTA’s roster of…
Big banks have enjoyed a competitive advantage for over a century, but today, consumers are driving a shift in the market and demanding a system that works for them. That’s…
Fintech has become an integral part of everyday life as more consumers and businesses turn to digital financial tools for help with spending, saving, budgeting, and investing. To speak to…
WASHINGTON, D.C. – This morning, Financial Technology Association President and CEO Penny Lee testified on the future of financial data privacy before the House Financial Services Subcommittee on Financial Institutions…
The Financial Technology Association, which said it prefers to use the term “permissioned login” rather than the “potentially derogatory” term, screen scraping, believes the practice should remain viable, especially in…
While banking groups have long contended that fintechs lack the tools to protect that information, fintechs say their services have aided consumers by making financial services such as payments, budgeting…
Implementation of Section 1033 Rule Will Unlock Financial Choice, Competition, and Benefits WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted a comment letter in response to the Consumer…
To mark Data Privacy Week, an international effort to raise awareness about digital privacy, Fintech Explained sits down with Plaid’s Chief Privacy Officer, Sheila Jambekar, to discuss the fintech industry’s…
Thanks to technology, personalized financial tools are making people’s lives easier, giving them more flexibility and access to lower-cost options. Consumers are increasingly turning to digital tools to bank, invest,…
The fintech industry has become much more sophisticated in how it engages with lawmakers and regulators in Washington. There are now many people in leadership positions, both within fintech companies…
For the fintech industry, having transparency around which entities have master accounts not only provides insight into what it might take for an aspiring account holder to get access, but…
Leading global law firm Morgan Lewis recently brought on Kristin Lee, former senior vice president and assistant general counsel in Citi’s bank regulatory group, as a partner, enhancing the firm’s deep experience…
WASHINGTON, D.C. – The Financial Technology Association (FTA) announced Earnin as its newest member, adding to its roster of fintech industry leaders in the credit, data access, payments, and capital…
The Financial Technology Association appreciates the opportunity to respond to the Small Business Administration’s proposal to lift its regulatory-imposed limit to license new Small Business Lending Companies to participate in…
WASHINGTON, D.C. – The Financial Technology Association (FTA) released a statement applauding congressional passage of the Secure 2.0 Act, legislation providing greater retirement benefits to consumers. “This legislation will improve…
FTA President and CEO joined the Ballard Spahr Consumer Finance Monitor podcast to discuss the positive impact of fintech and regulatory issues facing the industry. We begin with a discussion…
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,…
The financial technology transformation is here. Technology-driven change in financial services is transforming how people bank, send money and save for a rainy day. Financial technology, or fintech, innovation is…
The big five B.N.P.L. companies operating in the United States — Affirm, Afterpay, Klarna, PayPal and Zip — present themselves as a friendlier option than credit card companies. Their predominant…
“If you make new products like BNPL play by the same old rules on the books for decades, it has the effect of stifling competition, and it favors the incumbents,”…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced Leigh Lytle, head of North American Policy at Plaid, as the 2023 Chair of the FTA Board of Directors. Leigh…
A divided Washington faces the task of finding common ground to tackle these pocketbook challenges. Supporting an open and competitive economy should be a top priority, because a competitive marketplace…
At the summit, which took place in Washington, D.C., fintech leaders and researchers made their case that fintech has made a difference in enabling more equality in lending and helping…
Millions of American small businesses are using fintech tools to reach new customers or serve the ones they already have. From Los Angeles to Columbus, Chicago, Phoenix, and New York…
WASHINGTON, D.C. – The Financial Technology Association released a statement on the Department of Treasury’s report, “Assessing Impacts of New Entrant Non-Bank Firms on Competition in Consumer Finance Markets.” The…
The Financial Technology Association held its inaugural Fintech Summit, “Shaping the Future of Finance,” in Washington, DC, and on a live virtual broadcast on November 16, 2022. The Summit featured…
The Financial Technology Association appreciates the opportunity to respond to this advance notice of proposed rulemaking and request for public comment issued by the United States Federal Trade Commission regarding…
Innovative fintech companies are driving competition and giving consumers, small businesses, and investors lower-cost, easy-to-use, and transparent alternatives to legacy products. Improving Financial Wellbeing Fintech helps put American consumers at…
“A second panel, the day before, featured payments leaders and their thoughts about the industry’s future. Naturally, FedNow came up. Nick Catino, Head of Policy at Wise, said that the…
The Financial Technology Association’s inaugural Fintech Summit, held in partnership with tech media leader Protocol, examines the most pressing issues in fintech. With exclusive access to the most important players in…
The Consumer Financial Protection Bureau kicked off a rule-making process Thursday to give consumers more control over their financial data, a step toward an open-banking concept that director Rohit Chopra…
Penny Lee, chief executive officer of the Financial Technology Association whose members include PayPal, Plaid Inc. and Intuit Inc., applauded the move. “We look forward to working with the Bureau…
The Financial Technology Association released the following statement today in response to the Consumer Financial Protection Bureau’s launch of Section 1033 rulemaking: “We applaud the CFPB’s action today to strengthen…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today applauded Consumer Financial Protection Bureau (CPFB) Director Rohit Chopra’s announcement that the CFPB will soon move forward with rulemaking to safeguard…
The Financial Technology Association, which represents fintechs that include Block, Marqeta, Stripe and Wise, among others, is urging the Fed to make direct access to the new faster payments system,…
Headliners include NYDFS Superintendent Adrienne Harris, NCUA Board Member Rodney Hood, and more to be announced Panelists will discuss innovation’s positive impact on consumers and small businesses and the future…
Tell us about Zilch’s mission in the Buy Now Pay Later space and your recent entry into the U.S. market. Zilch’s mission is to create the most empowering way to…
Americans increasingly want alternatives to high-interest products whose revenue models rely on consumer fees and often trap users in cycles of debt. For good reason — the Consumer Financial Protection…
The Federal Reserve will test the FedNow system between now and its expected launch in 2023 WASHINGTON, D.C. – The Financial Technology Association (FTA) called on the Federal Reserve to…
All eyes in the fintech world are on open banking…”We believe that consumers, not financial institutions, own their data and hope the CFPB will provide clear guidance establishing consumers’ right…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced Angelena Bradfield as Head of Policy and Government Relations. Bradfield brings more than fifteen years of experience to the role,…
Technological innovation is transforming financial services, giving people low-cost, transparent, and frictionless alternatives to traditional products. Open banking – or consumers’ right to securely control and share their financial information…
The Financial Technology Association, a trade group that counts PayPal and Block as members, called Demchak’s comments misleading. “As the banking CEOs know, non-banks are regulated at the federal and…
Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers. In a statement, the buy now pay later…
CFPB report highlights the competitive benefits of BNPL over legacy credit products, including lower fees and ease-of-use WASHINGTON, D.C. – The Financial Technology Association (FTA) released a response to the…
Merchants globally will suffer fraud losses exceeding $343 billion over the next five years as the volume and sophistication of ecommerce fraud increases. Businesses face tough choices about how to respond, balancing…
If you’ve used “buy now, pay later,” you get it and you love it. Of survey respondents who have used one of the pay-in-four credit services, 94% said they clearly…
WASHINGTON, D.C. – On Tuesday, September 13, 2022, Financial Technology Association Chief Executive Officer Penny Lee testified before the Senate Banking Committee hearing on new consumer financial products and their impacts…
A new survey conducted on behalf of the Financial Technology Association finds that BNPL users have high levels of favorability and trust in the service WASHINGTON, D.C. – The Financial…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today welcomed Intuit and PayPal Inc. (PYPL) to its membership of technology-driven financial services companies. Intuit is the global financial technology platform…
In its own letter, the Financial Technology Association (FTA), which represents fintechs Stripe, MoneyLion, Afterpay and others, endorsed the Fed’s effort to clarify its approach to reviewing applications but urged…
Digital finance leader MoneyLion aims to rewire the financial system to positively change the path of every hard-working American. Fintech Explained interviewed MoneyLion’s Chief Product Officer Tim Hong about the…
Currently, most “buy now, pay later” products can only hurt a user’s credit — if there’s even an impact on their credit score at all. But major BNPL companies, consumer…
The Financial Technology Association (FTA) appreciates the opportunity to respond to this request for public comment issued by the United States Department of the Treasury (“Treasury”) regarding recommendations for fostering…
WASHINGTON, D.C. – The Financial Technology Association (FTA) responded to a request for comment from banking regulators on changes to the Community Reinvestment Act (CRA), a law designed to encourage…
Financial technology companies deliver better financial services at lower costs for consumers, sometimes in partnership with banks and sometimes directly. With the business of financial services changing constantly, Washington should…
Federal and state regulators are taking a closer look at how to regulate a fast-growing fintech field that connects workers with advances on their earnings. So-called earned wage access products…
In his new role, we encourage Gov. Barr to promote the incorporation of leading financial technologies into the banking system to ensure resilience, global competitiveness and enhanced access for consumers…
Fintech Explained sat down with Michael Tannenbaum, Chief Operating Officer at Brex, to talk about his mission of reimagining financial services to help businesses grow. Brex is building a modern technology stack around…
Some argue that the path to building credit should only be through traditional financial products, including credit cards. But we believe a consumer’s real creditworthiness should include more than just…
Why It Matters: When built and used properly, artificial intelligence and machine learning (AI/ML) models lower costs, increase efficiency, and expand fairness in the financial system. Financial technology companies’ use of…
The Block ecosystem includes brands like Square, Cash App, and Afterpay that increase access to better financial services for millions of Americans WASHINGTON, D.C. – The Financial Technology Association (FTA)…
Auchincloss legislation set for House floor consideration this week WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced support for H.R. 4590, the “Promoting New and Diverse Depository Institutions…
Fintech Explained sat down with Mike Cagney, Chief Executive Officer of Figure. We chatted about his company’s mission to reinvent financial services with blockchain, Figure’s biggest regulatory challenge in Washington, and…
Earned Wage Access (EWA) offers consumers flexibility through earlier access to their earnings, helping them make timely payments, avoid overdraft fees and high-cost credit, and manage their everyday spending. EWA…
A Consumer Financial Protection Bureau initiative that could bring more fintech firms and other nonbanks under the agency’s supervisory umbrella is making some bankers nervous about unintended consequences. Although the…
So far, fintechs are taking a wait-and-see approach to the reorganized innovation office. “Competition from financial technology companies drives lower costs, better services and more consumer choice,” said Penny Lee,…
The rise of the Internet and the digital world led to countless transformative innovations, from the iPhone and video streaming to Uber, Bluetooth, and more. Yet, for years, financial services…
The Financial Technology Association (FTA) submitted a letter in response to the Consumer Financial Protection Bureau (Bureau) regarding the public release of decisions and orders related to certain risk determinations…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted a letter in response to the Federal Reserve Board’s request for comment on payments innovation and the potential of a…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted a letter in response to the Federal Reserve Board’s request for comment on payments innovation and the potential of a…
Sarah Levy is the CEO of Betterment, the largest independent digital investment advisor. Fintech Explained sat down with Sarah for a wide-ranging Q&A on Betterment’s mission of opening up investment opportunities…
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,…
In the past, If you wanted to buy something small without paying the full cost upfront, you had one real option: credit cards. But in the past few years a…
Open banking would unleash a slew of payment, investment, lending, financing and money-saving services and apps, fintechs said. For example, Americans could share all their bank account, debit and credit…
Zilch is the fastest double unicorn in Europe, pioneering the payments industry providing BNPL WASHINGTON, D.C. – May 4, 2022 – The Financial Technology Association (FTA) welcomed fintech double unicorn…
Americans pay billions of dollars every year in costly, hidden charges known as “junk fees.” For everyday consumers, these can be bank overdraft fees, expensive credit card interest charges, hidden…
Few industries have been more affected by digital transformation in recent years than financial services. Traditional banks now compete not only with each other but also with digital-native fintech upstarts.…
On Earth Day, we’re proud to highlight our fintech members’ actions to tackle climate change and reduce carbon emissions. From digital banking to sustainable investing, tools for consumers to reduce…
The Financial Technology Association (FTA) submitted a comment letter in response to the Federal Reserve Board’s supplemental request on proposed guidelines for access to master accounts and services. In the…
In a new comment letter, FTA reiterated its call on the Federal Reserve to expand access to its services for technology-based payments companies WASHINGTON, D.C. – The Financial Technology Association…
Meanwhile, the Financial Technology Association, which represents fintechs, expressed support for the Fed’s latest proposal. In a letter, the group praised the three-tiered approach to evaluating membership. Still, the FTA…
Artificial intelligence and machine learning can expand the data points used in underwriting from about 20 to as many as 400, contends the Financial Technology Association, a Washington D.C.-based trade…
The pace of technological and business model innovation in the financial services space has created a plethora of new products and services that don’t neatly fit in existing regulatory frameworks.…
Online banking apps, “buy-now, pay-later” services and other fintech innovations will push banks to lower or eliminate “junk fees” even if the CFPB forgoes new regulations, financial trade groups told…
The Financial Technology Association submitted a comment letter in response to the Consumer Financial Protection Bureau’s inquiry into fees that are not subject to competitive processes that ensure fair pricing.…
Technology-Led Financial Services Drive Competition and Better Outcomes for Consumers WASHINGTON, D.C. – The Financial Technology Association (FTA) submitted a comment letter today in response to the Consumer Financial Protection…
Financial technology has gone mainstream, with nearly nine in ten Americans using some form of fintech in the last year. From lending and payments to investing, fintech fills the gaps left by…
MoneyLion Expands FTA’s Roster of Transformative Financial Technology Companies Driving Inclusion and Innovation WASHINGTON, D.C. – The Financial Technology Association (FTA) today welcomed MoneyLion, the award-winning digital financial services and…
WASHINGTON, D.C. – Today, the Financial Technology Association (FTA) submitted a comment letter in response to the Consumer Financial Protection Bureau’s market monitoring inquiry into Buy Now Pay Later (BNPL)…
The Financial Technology Association (FTA) submitted a comment letter in response to the Consumer Financial Protection Bureau’s market monitoring inquiry into Buy Now Pay Later (BNPL) providers. FTA represents several…
Buy Now Pay Later adoption rates have skyrocketed over the past year, as consumers flocked to this new service that offers flexibility, price certainty, and zero to low fees. But misinformation about…
Companies that provide BNPL financing often note that the installment plans are free to the consumer if all payments are made on time. Fans of the service, like the Financial…
If you’ve shopped online lately, you’ve probably seen a buy now/pay later option in your checkout options. That’s because millions of savvy consumers are increasingly enjoying the benefits of this…
Financial technology has gone mainstream, with nearly nine in ten Americans using some form of fintech in the last year. From lending and payments to investing, fintech fills the gaps…
Penny Lee, Chief Executive of the Financial Technology Association: Open banking is driving financial inclusion, particularly for the 22 million unbanked or underbanked Americans. With open banking, institutions like community…
It’s no secret that starting a business is hard. Four in ten small businesses lack access to capital. Fifty-six percent of Black entrepreneurs say a lack of access to capital hinders their ability to…
Sarah Bloom Raskin’s nomination to the U.S. Federal Reserve board has propelled a small payments company — Reserve Trust — into the spotlight. Lost in the debate over Reserve Trust’s…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced Tom Davis as Vice President of Membership and Development, bolstering the organization’s senior staff roster. Davis brings over a decade…
More than 22 million Americans are unbanked or underbanked, lacking access to traditional financial services. This lack of access leaves millions of Americans vulnerable to predatory and expensive financial services,…
The Financial Technology Association (FTA) submitted a statement for the record for the House Committee on Financial Services Hearing, “An Unprecedented Investment for Historic Results: How Federal Support for MDIs…
Penny Lee, CEO of the Financial Technical Association, which represents a number of buy now, pay later companies, including Afterpay, Klarna, Sezzle and Zip, said her members are working with…
The Financial Technology Association (FTA) submitted a response to a request for information regarding a review of Bank Secrecy Act regulations and guidance issued by the U.S. Treasury Department’s Financial…
The Financial Technology Association (FTA) submitted a comment letter in response to a Request for Information and Comments on Broker-Dealer and Investment Adviser DigitalEngagement Practices issued by the U.S. Securities…
FTA’s Communications Hire Marks Next Phase in Association’s Growth Washington, DC – January 24, 2022 – Today, the Financial Technology Association (FTA) welcomes Miranda Margowsky as its Vice President of Communications.…
The Financial Technology Association (FTA) appreciates the opportunity to respond to this request for public comment issued by the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) regarding a proposed…
The Financial Technology Association (FTA) appreciates the opportunity to respond to this request for public comment issued by the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) regarding a proposed…
In response to the Request for Comment on Strategic Plan FY 2022-2026 the FTA submitted a comment letter to the Consumer Financial Protection Bureau (CFPB). The letter reads in part:…
The Financial Technology Association (FTA) submitted a letter to the CFPB to encourage a solution to promote transparency and empower consumers in relation to cross-border and international payments. The letter…
Washington, D.C., December 16, 2021 – The Financial Technology Association (FTA) released the following statement on the responsible use and regulation of Buy Now, Pay Later (BNPL) services: “We welcome…
Washington D.C. – November 2, 2021 – Penny Lee, CEO of the Financial Technology Association, testified today before the House of Representatives Committee on Financial Services, Task Force on Financial…
Washington DC – October 18, 2021 – In response to the Request for Comment on Proposed Interagency Guidance on Third-Party Relationships the FTA submitted a comment letter to the Office…
October 8, 2021 – The Financial Technology Association (FTA) welcomed Rohit Chopra to his position as Director of the U.S. Consumer Financial Protection Bureau in a letter. The letter reads…
Washington, D.C., October 21, 2021 – The Financial Technology Association (“FTA”) announced today that BlueVine, a leading provider of financial services for small businesses, has become the association’s newest member.…
September 30, 2021 — The Financial Technology Association (FTA) congratulates Rohit Chopra on his confirmation as the next Director of the CFPB. Throughout his career, Director Chopra has been a…
This installment of “Just the Facts” discusses Open Banking. Open banking empowers consumers to safely and securely access and share their financial data across financial services providers to obtain greater…
Washington, D.C., September 15, 2021 – The Financial Technology Association (“FTA”) announced today that MX, the financial data platform provider and leader in modern connectivity, has become the association’s newest…
Penny Lee, a 25-year veteran of political campaigns and legislative battles and now the new head of the Financial Technology Association, has a message for federal banking agencies and Congress: “Please engage…
Washington, DC, September 10, 2021 – The Financial Technology Association (FTA) applauds the recent Federal Reserve report supporting responsible innovation through partnerships between community banks and financial technology companies. We agree with Federal Reserve…
Washington, DC, August 31, 2021 – The Financial Technology Association said the following in response to New York Governor Kathy Hochul’s nomination of Adrienne Harris to become Superintendent of the…
Penny Lee, the CEO of the newly created Financial Technology Association, reacted with bemusement to the progress of the infrastructure bill through the Capitol — which might finally put to…
The appointment last week of a new leader at the Financial Technology Association likely caught the attention of many in the D.C. tech community, as ecosystem builder and angel investor Penny Lee was named…
This installment of “Just the Facts” discusses Global Payments Innovation. By leveraging internet and mobile technologies, fintech innovators offer consumers new payment and money transfer options that significantly reduce costs,…
Washington, DC, July 28, 2021 – In response to the House Financial Services Committee Markup Hearing that includes discussion on H.R. 4590, “Promoting New and Diverse Depository Institutions Act”, the…
Washington, D.C., July 27, 2021 – The Financial Technology Association (“FTA”) announced today that Penny Lee will become its first Chief Executive Officer. Lee brings more than 20 years of…
The Financial Technology Association (FTA) appreciates this opportunity to respond to this request for comment issued by the Board of Governors of the Federal Reserve System (Board) on proposed guidelines…
In response to the request for Request for Comment on Proposed Guidelines for Evaluating Account and Services Requests the FTA summitted a comment letter to the Federal Reserve: The Financial…
In response to Joe Biden’s Executive Order on Promoting Competition in the American Economy the Financial Technology Association said the following: The FTA strongly supports competition in financial services and…
The FTA’s “Just the Facts” series aims to inform financial technology policy discussions in order to safeguard consumers and advance the development of trusted, digital financial markets and services. This…
In response to the request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning, the FTA summitted a comment letter to the Federal Reserve, Federal…
The Financial Technology Association (FTA) announces the formation of an advisory board. The new board will help guide the nascent group’s mission to proactively guide regulation and policy in the…
Via our Zachary Warmbrodt: Former CFTC Chairs Timothy Massad and J. Christopher Giancarlo are joining a new advisory board formed by the Financial Technology Association, in the latest example of fintech startups…
The Financial Technology Association (“FTA”) announced the formation of an advisory board comprised of subject matter and academic experts, thought leaders, former regulators, and elected officials that will provide FTA…
Washington, DC, May 26, 2021 – In response to the launch of the U.S. Senate Financial Innovation Caucus, the Financial Technology Association said the following: FTA strongly supports this bipartisan…
Washington, DC, May 15, 2021 – In response to Acting Comptroller of the Currency Michael Hsu’s testimony in front of the House Committee on Financial Services, the Financial Technology Association…
The FTA’s “Just the Facts” series aims to inform financial technology policy discussions in order to safeguard consumers and advance the development of trusted, digital financial markets and services. The…
Washington, DC, May 5, 2021 – In response to the Federal Reserve Board’s invitation for public comment on Account Access Guidelines, the Financial Technology Association said the following: One of…
The Financial Technology Association (“FTA”) announced that Klarna, Truework, Nium, and Sezzle have become the newest members of the trade group. With these new members, FTA expands and deepens its…
There is general consensus that America’s roads, bridges, ports, and powerlines need an upgrade. It’s also true that digital financial technologies, or “fintech,” are increasingly forming the backbone of our financial infrastructure and replacing…
There is general consensus that America’s roads, bridges, ports, and powerlines need an upgrade. It’s also true that digital financial technologies, or “fintech,” are increasingly forming the backbone of our…
Some of the biggest names in fintech — including Plaid, Varo and LendingClub — are joining forces to raise their industry’s profile among lawmakers. These companies and dozens of others…
A new trade group called the Financial Technology Association (FTA) has recently launched its organization and has some notable founding members including Afterpay, Betterment, Brex, Carta, Figure, Marqeta, Quadpay, Plaid,…
Formed by the leaders of the technology-centred financial services industry, the Financial Technology Association (FTA), a new trade group has launched with the publication of its introductory paper, ‘Shaping the…
A new trade group formed to promote financial technology for consumers, including underserved and marginalized communities, is bringing on veterans with regulatory and Capitol Hill experience.
The Financial Technology Association (FTA), a new trade group formed by leaders of the technology-centered financial services industry, today announced the launch of its organization and the publication of its…
A new trade group formed by FinTech leaders called the Financial Technology Association (FTA) launched Wednesday (March 10), according to a press release. Afterpay is a founding member alongside Betterment,…
Introducing the Future of Finance. Technology-driven innovation is transforming the way we offer, access, and benefit from financial services and markets in the United States. By using internet and mobile…
The Financial Technology Association (FTA), a new trade group formed by leaders of the technology-centered financial services industry, today announced the launch of its organization and the publication of its…
