The Congressional Taskforce on Financial Technology and Innovation

Earlier this year, Maxine Waters, Chair of the House Financial Services Committee, listed financial technology (fintech) as a policy priority for the committee, and much of that work will start with the creation of a new Congressional Taskforce on Financial Technology and Innovation (Fintech Taskforce).

It is not yet clear who will lead the new Fintech Taskforce. Most recently, Representative Bill Foster (D-IL-14) wrote a letter to Rep. Waters expressing his “strong interest in serving as the Chair of the Taskforce on Financial Technology and Innovation that will be convened in the coming weeks … My prior career as a scientist and small business owner has underscored my belief that innovative technology has the ability to promote access and inclusion to important services for all Americans provided that proper regulatory safeguards are in place.”  

In the letter, Rep. Foster mentioned that as chair of the Fintech Taskforce, he would convene hearings and interview industry leaders while considering legislative action that could promote credit access to communities that are traditionally underserved and underbanked. Rep. Foster also stated “that underserved and underbanked communities have options and access to credit beyond predatory lenders will be a concern at the forefront of our inquiry.”

In addition to the creation of the Fintech Taskforce, the House Financial Services Committee is holding two hearings in May that might be relevant to the fintech sector. On February 26, the Committee is convening a hearing entitled “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.” Also, on February 27, the Diversity and Inclusion Subcommittee is convening a hearing entitled, “Diversity Trends in the Financial Services Industry.”