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Earlier this year, Wyoming became the second state to create a financialtechnology (fintech) sandbox by enacting the “ FinancialTechnology Sandbox Act ” (Sandbox Act). Thus, unlike Arizona’s sandbox, a person receiving a waiver under the Sandbox Act can be exempted from Wyoming’s civil usury laws.
Closer to home, in Wyoming, a bill has debuted in the state legislature to create a FinTech sandbox. The bill , titled the “FinancialTechnology Sandbox Act,” was introduced as 2019 dawned, and will allow new financial products to be tested in the state.
Identity Devices also formed a recent multi-year partnership with Fingerprint Cards (FPC) that aims to enhance the security of the Internet of Things (IoT) ecosystem with biometrics, increasing the use of biometrics in IoT and financialtechnology markets.
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.
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.
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