U.S. Regulation of FinTech - Recent Developments and Challenges

C. Andrew Gerlach (), Rebecca Simmons () and Stephen Lam ()
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C. Andrew Gerlach: Sullivan & Cromwell LLP, Postal: 125 Broad Street, New York NY 10004, USA
Rebecca Simmons: Sullivan & Cromwell LLP, Postal: 125 Broad Street, New York NY 10004, USA
Stephen Lam: Sullivan & Cromwell LLP, Postal: 125 Broad Street, New York NY 10004, USA

Journal of Financial Transformation, 2016, vol. 44, 87-96

Abstract: Regulation of financial technology (or FinTech) providers, products, and services serves many important policy objectives. The rapid development of FinTech products and services, and the dramatic entry of numerous new participants in the market that are not regulated like traditional financial institutions, have presented challenges for regulators around the globe. In the U.S., the financial regulatory apparatus is fragmented, exacerbating those challenges. That, coupled with a difficult financial regulatory environment in the U.S. in the aftermath of the financial crisis and other issues endemic to the FinTech sector, make for strong headwinds for both financial regulators and FinTech providers as they try to strike the right balance between regulation and flexibility to allow innovation to occur. There are a variety of potential paths to address some of those challenges and headwinds, but none are a panacea and a combination of solutions will need to be implemented to strike that balance appropriately.

Keywords: Government; Policy; Regulation (search for similar items in EconPapers)
JEL-codes: G28 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1580

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