Policymakers Face Long Road to FinTech Regulation

Federal regulators and policymakers are grappling with how to balance providing appropriate consumer protections with encouraging innovation in the fintech sector, The Hill reported.

Adrienne Harris, Special Assistant to President Obama for Economic Policy, emphasized that the focus for both the government and the industry should be on serving consumers, saying that “You should always be thinking about end consumers.”

Anjan Mukherjee, Counselor to the Secretary and Deputy Assistant Secretary for Financial Institutions, U.S. Treasury, said the role of his agency is to "foster innovation in a way that supports our policy objectives, which include consumer and business access to credit, and crack down on innovation when it runs afoul of the law."

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