Technology is having a significant impact on how financial services are being delivered. The rise of non-bank financial firms using the internet as a means of distribution is calling into question the divide between state and federal regulation and the definition of what a “bank” is. The Office of the Comptroller of the Currency has responded by offering a new banking charter for non-depository fintech firms, while the states have filed law suits to prevent what they see as an illegal overreach by the OCC into their jurisdiction. How fintech firms are regulated, and by whom, could have a significant impact on how innovative, accessible, and inclusive financial services are in the future.
- Brian Knight, Senior Research Fellow, Financial Markets Working Group, Mercatus Center, George Mason University
- John W. Ryan, President and Chief Executive Officer, Conference of State Bank Supervisors
- Moderator: Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association