GAO Issues Fintech Study

April 19, 2017

On Wednesday, April 19, 2017, the Government Accountability Office (GAO) released a report on the fintech industry in response to a request from Sens. Sherrod Brown (D-OH), Jeanne Shaheen (D-NH) and Jeff Merkley (D-OR). The GAO stated there is “universal definition of fintech,” it can be loosely understood to encompass specific subsectors likely to have greatest impact on traditional financial services, including marketplace lending, mobile payments, digital wealth management, and distributed ledger technology. The report provides a description of various fintech subsectors, as well as a general outline of the different laws and regulations potentially applicable to each. The GAO expects to produce additional studies about this emerging industry.