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Fintech: Overview of Innovative Financial Technology and Selected Policy Issues : Congressional Research Service, U.S. Library of Congress , April 28, , 2020

April 28, 2020

Congressional Research Service, U.S. Library of Congress

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From the report: “Advances in technology allow for innovation in the ways businesses and individuals perform financial activities. The development of financial technology—commonly referred to as fintech— is the subject of great interest for the public and policymakers. Fintech innovations could potentially improve the efficiency of the financial system and financial outcomes for businesses and consumers. However, the new technology could pose certain risks, potentially leading to unanticipated financial losses or other harmful outcomes. Policymakers designed many of the financial laws and regulations intended to foster innovation and mitigate risks before the most recent technological changes. This raises questions concerning whether the existing legal and regulatory frameworks, when applied to fintech, effectively protect against harm without unduly hindering beneficial technologies’ development.”


Perkins, David W.


Congressional Research Service, U.S. Library of Congress




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