Obama Administration and Regulators Prep For Fintech Oversight

According to a recent Financial Times article, the Obama administration and regulators have established a network of fintech watchers across the fast-growing sector with fintech companies reacting by strengthening their lobbying efforts.

According to the Financial Times, policymakers face a difficult balancing act of avoiding stifling innovation while preventing loose practices or business meltdowns.

The Obama administration’s efforts, which include the Treasury and Commerce departments, are being coordinated by Adrienne Harris, a special assistant to President Obama on the White House’s National Economic Council.

Regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau are also becoming increasingly focused on the fintech space.

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