Hearing to weigh reg environment for ‘fintech,’ what (if any) changes are needed

The current regulatory environment for “financial technology” (or “fintech”) and whether to modifications are needed to allow financial services providers to use fintech for delivery of new products and services will be considered during a House hearing Tuesday.

The subcommittee on financial institutions will open the hearing at 10 a.m. A panel of four will provide testimony, and will include:

  • Nathaniel Hoopes, Executive Director, Marketplace Lending Association;
  • Brian Knight, Director of the Program on Financial Regulation and Senior Research Fellow, Mercatus Center, George Mason University;
  • Brian Peters, Executive Director, Financial Innovation Now ;
  • Andrew Smith, Partner, Covington and Burling, LLP

According to the committee memo distributed to members about the hearing, fintech has “the ability to not only the increase accessibility to and the delivery of financial products and services, but may also reduce operational risks for financial institutions.”

Also this week: The Federal Reserve’s Federal Open Market Committee (FOMC) meets for a two-day session beginning Tuesday, which may feature the swearing-in of Jerome H. Powell as the new chairman of the Fed Board.

Committee memo: Hearing entitled “Examining Opportunities and Challenges in the Financial Technology (“Fintech”) Marketplace”