Congress, the states, and regulators have been scratching their heads for years when it comes to fintechs. Balancing consumer protection around innovation has been the source of contentious debate. Garry Reeder is the CEO of the newly launched American Fintech Council (AFC), an association that is looking to foster responsible innovation in financial technology. Navigating the “in-between spaces” of the traditional banking system and fintechs is one of the priorities of AFC and its members. as well as establishing a more outcomes-based regulatory scheme that takes into consideration a consumer’s experience. Garry also tells us that defining fintechs will be important because there really is no true definition rather a broad focus on the speed and delivery of financial services. Ultimately, if fintechs are going to be regulated, then AFC will be advocating to ensure that the benefits and protections offered to traditional financial institutions be made available to its members as well.
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