White House Releases White Paper on FinTech

January 17, 2017

On Tuesday, January 17, 2017, the White House, through the National Economic Council, released a white paper advocating for the U.S. government to engage in efforts to promote the financial technology industry. The paper commended initiatives such as the CFPB’s Project Catalyst and the OCC’s Responsible Innovation as examples of financial regulators modernizing how they engaged with the industry. However, the paper cautioned regulators to mitigate the risks associated with the quickly growing fintech industry. As the paper stated, "Policymakers and regulators must consistently endeavor to understand these new technologies in order to support innovation in furtherance of important policy objectives…They must also work collaboratively with fintech innovators to mitigate potential risks."