White House publishes Framework for FinTech

The White House has released a whitepaper, A Framework for FinTech, which “expresses the forward-leaning posture of this Administration to innovation and entrepreneurship, generally, and FinTech in particular.”

This follows on from the White House FinTech Summit in June 2016, where Cabinet Secretaries and senior officials from across the Obama Administration engaged with stakeholders about the potential for FinTech to further such policy goals as small business access to capital, financial inclusion and health, domestic growth, and international development.  The document lays out 10 principles, which, for example, encourage stakeholders to start with the consumer in mind, promote safe financial inclusion and financial health, build in cybersecurity, data security and privacy protections and protect financial security.

A blog post by Adrienne Harris, a Special Assistant to the President for Economic Policy, and Alex Zerden, a Presidential Management Fellow, notes that significant work remains. “The United States should continue developing a policy strategy that helps advance FinTech and the broader financial services sector, achieve policy objectives where financial services play an integral role, and maintain a robust competitive advantage in the technology and financial services sectors to promote broad-based economic growth at home and abroad,” it stresses. “Additionally, policymakers, regulators, and the private sector should continue engaging with one another to foster innovation in FinTech while protecting consumers and the financial system. This whitepaper is both a product of ongoing public-private cooperation and a roadmap for future collaboration. As the FinTech ecosystem continues to evolve, this statement of principles should serve as a resource to guide the development of smart, pragmatic, and innovative cross-sector engagement.”

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