Congressman David Scott (D-GA) and Congressman Barry Loudermilk (R-GA) Introduce Bipartisan Legislation Setting up Federal Financial Regulatory Clarity for Startup Fintech Companies
Washington, March 4, 2019
Tags: Housing & Finance
Today Congressman David Scott (GA-13), a senior member of the House Financial Services Committee and Co-Chairman of the bipartisan Fintech and Payments Caucus, and Congressman Barry Loudermilk (GA-11) introduced H.R. 1491, the FINTECH Act of 2019.
1. mandates federal financial regulatory harmonization:
Meaning that each federal financial regulator that regulates fintechs must harmonize, coordinate, and eliminate any duplication and any conflicting regulations with any other federal regulator who would regulate fintechs.
2. establishes a Point of Entry for fintechs into the federal regulatory structure:
Meaning that within the United States Treasury Department, the FINTECH Act of 2019 creates a Fintech Council to serve as a single point of entry into the federal financial regulatory system; allowing fintechs who meet certain requirements to be assigned one or more designated regulator(s) through which regulatory action is funneled.