The US marketplace lending industry has matured with a number of self-regulating industry associations however the evolution of the industry and its integration into mainstream financial services has brought about increased regulatory attention which was one prominent topic for discussion at LendIt USA; HousingWire details the keynote speeches from Thomas Curry and Patrick McHenry also discussing insight from Amias Gerety; Richard Cordray from the Consumer Financial Protection Bureau was also a featured keynote speaker discussing government regulatory efforts pertaining to the industry. Source
Patrick McHenry is one of the most proactive advocates for fintech in Congress; at LendIt USA 2017 he provided his insight from Congress on fintech and also spoke with Lend Academy in their podcast; his views are framing many of Washington D.C.'s legislative debates and his legislation, the Financial Services Innovation Act of 2016 (HR 6118), could be a significant factor helping to support future fintech innovation in the US. Source
Project Catalyst is a CFPB initiative designed to allow the Bureau to collaborate with startups, nonprofits and banks on new financial innovations; Patrick McHenry writes about the initiative's failed attempt for innovation through its no-action letter provision and instead says the Bureau should favor using sandbox programs; in Patrick McHenry's opinion editorial he argues for a better innovation testing environment, stating, "Congress needs to provide our federal regulators the ability to create a permanent beta testing environment that allows the agencies to test whether financial products are what they claim to be, while allowing a startup's compliance officer - who is usually the company's founder - peace of mind." Source
The acting head of the OCC, Brian Brooks, has openly discussed his support for clarity on the ”true lender” rule;...
Patrick McHenry is one of the most active proponents for fintech in Congress; Lend Academy talks with McHenry at LendIt USA following his keynote presentation; in the podcast he talks about the role of the House Financial Services Committee, his perspective on fintech, current legislation and his outlook for financial innovation over the next four years. Source
Representative Patrick McHenry says Dodd-Frank reform is not likely to make it to the House of Representatives until June or July; he is confident in major changes for the regulation from the House of Representatives however he foresees opposition from Senate democrats; in an interview with WSJ Pro Financial Regulation he also provided his insight on a range of regulatory aspects which could be integrated into legislation in various ways. Source
Patrick McHenry is working with a Senate Democrat on a bill for fintech beta testing; he introduced the Financial Innovation Act in the House of Representatives in 2016 which did not advance; the Financial Innovation Act included the creation of innovation offices with 12 regulatory agencies; he says the 2017 version of the act will include "significant changes and revisions"; he plans to introduce the new bill in two months. Source
Concerned about innovation draining from the US many are calling for clear crypto legislation, but what would it take?