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We recognize that so often the case is with new technology, there is a needle you have to thread,” he added later. “If The United Kingdom has already provided startups with this type of space, and earlier this year Britain’s Financial Conduct Authority (FCA) announced plans for a global testing bed for new financialtechnology apps.
According to the Bureau’s press release, ACFIN’s members currently include attorneys general from Alabama, Alaska, Arizona, Colorado, Georgia, Indiana, South Carolina, Tennessee, and Utah, and state financial regulators from Florida, Georgia, Missouri, and Tennessee.
These joint office hours are intended to give companies pursuing innovation in consumer financial services the opportunity to discuss new financialtechnology and ideas for innovation to benefit consumers with officials from the CFPB, state attorneys general, and state regulators.
Paul formerly worked in the Arizona Attorney General’s office where he was in charge of fintech initiatives and led the state’s successful efforts to create the first “regulatory sandbox” in the United States which allows new financialtechnologies and products to be tested in a controlled environment with reduced regulatory risk.
Earlier this year, Wyoming became the second state to create a financialtechnology (fintech) sandbox by enacting the “ FinancialTechnology Sandbox Act ” (Sandbox Act). Arizona was the first state to create a fintech sandbox and we will soon be publishing a blog post about Utah’s new fintech sandbox.)
Although there's often a tension between regulation and innovation, the sandbox concept can help startups, regulators and incumbent banks better navigate experimental financialtechnologies.
earlier this week, the OCC’s recent decision to accept applications from non-depository financialtechnology firms for a special purpose national bank (SPNB) charter was the focus of considerable discussion. At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C.
Before joining the CFPB, Mr. Watkins was in charge of fintech initiatives in the Arizona Attorney General’s office and led the state’s successful efforts to create the first “regulatory sandbox” in the United States which allows new financialtechnologies and products to be tested in a controlled environment with reduced regulatory risk.
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