On the heels of her remarks at the ICBA Capital Summit, House Financial Services Chairwoman Maxine Waters (D-Calif.) yesterday announced the creation of two task forces to develop consumer safeguards for fintech companies. In making the announcement, Chairwoman Waters said the task forces would work to ensure that, “regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses.”
Rep. Stephen Lynch (D-Mass.) will chair the Task Force on Financial Technology examining fintech regulation, lending and payments innovation, and data privacy, among other issues. Congressman Bill Foster (D-Ill.), will chair the Task Force on Artificial Intelligence, which will examine machine learning applications, fraud prevention and AI’s impact on the economy.
The Republican leader of both task forces will be Rep. French Hill (R-Ark.), who commended efforts like ICBA’s ThinkTECH Accelerator program, which helps promote partnerships between fintechs and community banks.
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