FEDERALhearing transcript

Congressional Hearing on Financial Technology (Fintech) Market

Original title: EXAMINING OPPORTUNITIES AND CHALLENGES IN THE FINANCIAL TECHNOLOGY (``FINTECH'') MARKETPLACE

January 1, 2018

fintech financial regulation consumer credit banking technology financial services

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The Frame

What this does

This hearing serves as a foundational record for potential future federal regulations that could change how companies operate, how they access consumer data, and the legal standards for digital financial products.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Fintech Companies

These companies are subject to potential changes in federal oversight and regulatory requirements discussed during the hearing.

Consumers

Consumers are affected by changes in how their financial data is accessed and the legal protections applied to digital credit products.

What changed

Last recorded activity January 1, 2018.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on Financial Institutions and Consumer Credit held a hearing on January 30, 2018, to discuss the opportunities and regulatory challenges presented by the growing financial technology () industry. Industry experts and legal scholars provided testimony regarding how new technologies are impacting consumer credit and financial services.

Key Facts

The hearing took place on January 30, 2018, before the Subcommittee on Financial Institutions and Consumer Credit.
The session focused on identifying both opportunities and regulatory challenges within the fintech marketplace.
Five expert witnesses provided testimony, including representatives from industry associations, legal academia, and research centers.
The record includes written statements from the Consumer Financial Data Rights Group, WebBank, and the National Community Reinvestment Coalition.
Witnesses provided formal responses to follow-up questions submitted by Representative Bill Posey for the official record.

Frequently Asked Questions

What is the purpose of this hearing?

The hearing was held to examine the current state of the financial technology () industry and discuss how existing regulations apply to new digital financial services.

Who testified at this hearing?

Witnesses included Nathaniel Hoopes ( Association), Brian Knight (Mercatus Center), Adam J. Levitin (Georgetown University), Brian Peters (Financial Innovation Now), and Andrew Smith (Covington and Burling, LLP).

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Early Federal Fintech Engagement

The hearing highlights the transition of fintech from a niche industry to a primary focus of the House Financial Services Committee in 2018.

Subcommittee on Financial Institutions and Consumer Credit

Connected Entities

personAdam J. Levitin“Professor of Law, Georgetown University Law Center”Map →

personBrian Peters“Executive Director, Financial Innovation Now”Map →

personAndrew Smith“Partner, Covington and Burling, LLP”Map →

personNathaniel Hoopes“Executive Director, Marketplace Lending Association”Map →

personBrian Knight“Director, Program on Financial Regulation, Mercatus Center”Map →

personBlaine Luetkemeyer“Chairman of the Subcommittee on Financial Institutions and Consumer Credit”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy30
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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