FinTech Task Force Formed By US House Financial Services Committee

Blockchain, FinTech, News, Regulation | May 10, 2019 By:

The United States House Committee on Financial Services has announced the establishment of a task force on financial technology (FinTech).

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, said that the the new task force will help Congress to stay on top of new developments in the FinTech sector so that they are well-positioned to make policy.

“As new technologies emerge and the financial services industry puts those technologies to use, Congress must make sure that responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses,” Waters said.

The Fintech task force, which will be headed by Congressman Stephen Lynch, will examine the current legal framework for FinTech, how FinTech is used in lending and how consumers engage with FinTech. According to Lynch, the bipartisan task force will give them the opportunity to educate Congress on the opportunities and challenges posed by financial technologies, such as blockchain, and what they can do to produce the best outcomes for consumers.

“We are witnessing an exciting evolution in the financial services space, which will vastly improve the use and quality of services in lending, payments and money management,” Lynch said. “The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards.”