U.S. Government Accountability Office Issues Recommendations on FinTech Regulation
By Judith Rinearson and Eric A. Love
The U.S. GAO issued its anticipated 132-page report entitled “Financial Technology: Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory Oversight.” In the report, the GAO describes the benefits and risks; regulatory oversight and challenges; and regulatory efforts to foster innovation with respect to the following four specified FinTech activities: person to person payments, marketplace lending, digital wealth management and distributed ledger technology. It also offers recommendations about how to enhance FinTech regulation.