Financial Institutions

Congressional Research Service Analyzes Prevailing Policy Issues and Considerations for Fintech Products.

On March 15, 2023, the Congressional Research Service (CRS) released a report to analyze both benefits and risks of an expanding Consumer Finance and Financial Technology (Fintech) sector. According to CRS, the new technology has the potential to “improve consumer experiences, lower the cost of providing financial products, and expand access to underserved consumers.” However, they could also raise new policy issues, as many of the existing financial laws and regulations do not address the most recent technological changes. 

To learn more about this report, click HERE.

Federal Reserve Governor Speaks to Community Bankers on Innovation Trends Within the U.S. Financial System.

On March 14, Federal Reserve Governor, Michelle W. Bowman, addressed the continuing innovation in the financial sector. Though some have criticized the bank regulators as being “hostile to innovation,” Bowman applauded regulators for their continual efforts toward learning and adapting to facilitate a clear and transparent road to bank innovation.  

To learn more about this Act, click HERE.

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