IBS Journal February 2017
09
expressed the goal of enacting a “temporary moratorium on all new regulation, cancelling overarching executive orders.” It can use administrative procedures to eliminate or change Obama Administration rules, resulting in what I expect to be changes which positively impact the FinTech ecosystem.”
The only thing that is certain, is that the financial industry is in the midst of a huge transformation. It’s important that we watch closely the new administration’s proposed policies and especially who the President Elect will be appointing to lead the key government agencies that provide oversight to the regulatory policies within FinTech. We are hopeful that Trump’s policies will be encouraging to consumers and businesses utilising or providing financials products and services in our new digital world. Trump has promoted a platform suggesting support for pro-growth and an overall view that regulatory policies and their monitoring agencies both need to be overhauled. We are still unclear what the impact of that could be, but it certainly provides more uncertainty, and for now we have a lack of detail and timing whether or not those type of changes will be constructive for the FinTech industry, but we are hopeful positive change is ahead.”
David Mitchell, President, Nymbus (pictured): “Technology and the internet are changing the way consumers do business in general and so the whitepaper’s posture, which is pro-growth and the focus on the consumer in general, is very positive for the FinTech sector. FinTech companies constitute a recent movement in the financial industry towards all-digital platforms that clients can access from anywhere at any time. This directly correlates to the paper’s focus on the consumer. Financial regulators around the world are paying close attention to this digital transformation and actively working to adopt policies benefiting consumers and businesses. This type of thinking should help meet the goals of the whitepaper to help protect data, financial security, and ultimately better protect the consumers in general as digital channels rapidly expand to all mobile devices.”
On Trump
“We can’t speculate on how the Trump Administration will treat FinTech at this point. Based on a number of factors and decisions still to be decided, its just too early to tell.
Sam Taussig, Head of Government Relations & Community Banking, Kabbage: “We commend the White House and the National Economic Council’s thoughtful analysis of the complex policy issues that FinTech companies face when navigating the web of regulators in Washington. The Innovative Lending Platform Association (ILPA), of which Kabbage is a founding member, embodies the Treasury Department, OCC and SBA’s desire to use financial technology as a source of fair, democratised and transparent access to capital for small business borrowers. The ILPA is an action oriented organisation with the customer front of mind. FinTech companies are breaking down demographic, geographic and class based barriers that previously restricted small business borrowers’ access to much needed capital. We agree that financial literacy is also a major barrier access to financial health and pursued a national engagement campaign to work with regulators, small business advocates, regulators and policymakers to develop common language best suited to America’s small business owner. As a result, Kabbage and the ILPA pioneered the SMART Box, a uniform transparency and comparison tool that presents small business borrowers with a menu of terms and definitions to match their specific business use case for credit products.
We recognise that policymakers have concerns about the
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