Press Releases

FTA’s Response to Request for Comment on Proposed Guidelines for Evaluating Account and Services Requests

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 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 (Account Access Guidelines) to evaluate requests for accounts and services at Federal Reserve Banks (Reserve Banks).

The Board’s thoughtful proposed guidelines serve the Board’s interest in addressing risks that all institutions might present to the Federal Reserve payments system and financial stability, and in supporting responsible financial innovation that benefits consumers with greater choice and improved product offerings. The FTA applauds the Board’s current engagement on this important topic and is confident that the result will be the further development of safe, resilient, and robust financial services for American consumers and small businesses.

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FTA Statement Regarding the President’s Executive Order

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 empowering consumers with control over their financial data. Consumer-centric financial technology (fintech) companies are working hard to advance innovative new models that provide consumers with greater financial access, choice, and opportunity. Forward-leaning policies, including with respect to the chartering and licensure of responsible new fintech entrants, can help drive a more robust, dynamic, equitable, and competitive financial services landscape.

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FTA’s Response to Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning

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 Deposit Insurance Corporation (FDIC) , Office of the Comptroller of the Currency (OCC) , Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA):

The Financial Technology Association (FTA) appreciates this opportunity to respond to this multi-agency request for information regarding the use of artificial intelligence (AI) and machine learning (ML) in financial services (the “RFI”). As outlined in the request, AI/ML holds substantial promise in increasing the efficiency, accuracy, and capabilities of a broad number of important financial services and compliance functions and activities, but also requires clear understanding and guideposts for both the firms that leverage such tools and the regulators that oversee them. This RFI can help to drive further responsible adoption of AI/ML tools, while informing ways to mitigate identifiable risks.

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FTA In the News

CROWD FUND INSIDER: Financial Technology Association Creates Advisory Board, Adds Top Fintech Experts to Guide Strategy

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 booming Fintech sector. Founded in March, the FTA has moved quickly to boost its ranks with top Fintech experts to both educate and work directly…

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POLITICO: The Powell Question

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 gearing up for increased Washington scrutiny. 

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The Hill: Building digital infrastructure for the future of finance

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 inefficient, often manual processes with modern rails built upon automation, data analytics, and consumer-centric benefits, including access, speed and customization.

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What We're Reading

Apollo in Talks to Take Stake in Fintech Investor Motive Partners

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JPMorgan is buying an ESG investing platform in bank’s third fintech acquisition of the past year

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Citizens Financial chief: ‘We’ve earned the rights to do more deals’

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The FTA is pleased to assist members of the media with questions regarding the organization or the fintech industry.