A few days ago the White House published “our statement of principles as a policy framework for the fintech ecosystem.” It has a lot of very useful information.
Here are some highlights…
Policy Objectives and FinTech Principles
“This document sets forth Administration policy objectives that reflect widely-shared values and practical expectations for the financial services sector and the U.S. government entities that interact with the sector. It then provides ten overarching principles that constitute a framework policymakers and regulators can use to think about, engage with, and assess the fintech ecosystem in order to meet these policy objectives. Similarly, industry and other stakeholders can use the framework to understand how they can contribute to a well-functioning and inclusive financial system, and to examine their products and services against articulated principles.”
The ten principles encourage stakeholders to:
- think broadly about the financial ecosystem;
- start with the consumer in mind;
- promote safe financial inclusion and financial health;
- recognize and overcome potential technological bias;
- maximize transparency;
- strive for interoperability and harmonize technical standards;
- build in cybersecurity, data security, and privacy protections from the start;
- increase efficiency and effectiveness in financial infrastructure;
- protect financial stability; and
- continue and strengthen cross-sector engagement.
You can find the document here: “A Framework for FinTech.”