Future of Fintech Regulations in the US
By Charles Carter and Anthony (Tony) Yerry (ed. Cameron Abbott and Giles Whittaker)
Investment in financial technology (fintech) companies has surpassed US$24 billion worldwide since 2010, which consequently emphasises the importance of the relationship between fintech companies and regulators as they attempt to establish a culture of compliance while not stifling innovation.
As suggested by the industry experts according to The Wall Street Journal, the Office of the Comptroller of the Currency (OCC) may be the best federal agency to regulate fintech companies in the US. On March 31 the OCC during a speech at Harvard University on the innovation of the fintech industry released a white paper which attempts to launch formal discussions between regulators and the industry.
For more information and analysis of the OCC white paper please see K&L Gates’ e-alert here.