STATE Policy Agenda


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Financial Technology (Fintech)

TechNet promotes the banking and financial technology (fintech) sectors by removing regulatory barriers to economic growth and job creation.  TechNet supports innovation in the banking and fintech sectors by encouraging state policymakers to ensure the regulatory system remains technology-neutral and regulates new technologies, including cryptocurrencies, using a balanced approach that encourages fair competition. 

TechNet supports private sector efforts to empower consumers to better manage their financial lives and enjoy new, safe, secure, and reliable financial tools.  In particular, TechNet supports:

Financing Reforms

  • Streamlined rules for the online financing marketplace.  Antiquated federal and state regulations fail to address constant change, diversity, and innovation in the online marketplace.  Federal and state policymakers should streamline financing laws across jurisdictions and account for the innovative lending market of today.
  • Policymakers should promote industry best practices that protect consumers and small businesses, such as transparency and clear disclosures, while ensuring innovation in providing access to credit.

Financial Empowerment

  • Leverage technology to reduce barriers to financial services and to empower consumers to better manage their financial lives.
  • Unlock the power of financial apps.  Policymakers should empower consumers and small businesses to take advantage of financial applications on their smartphones that help them improve security, convenience, and reliability. 
  • In addition to access as it relates to convenience and ease, access for all consumers including financial literacy and understanding of tools, particularly to people who do not have access to multiple technologies and use of these is critical.

Payment System Principles

  • Promote enhanced security and convenience through continuous innovation.  No one technology should be mandated for security and authentication, nor should one technology become a de facto mandate through “floor-setting.”
  • Support policies that promote new entrants and empower consumers to utilize a broad array of financial technology products and solutions.
  • Support efforts to reduce fraud in the financial industry through the empowerment of innovators and innovation.
  • Promote free market growth of the payments industry and defend it against market-controlling legislative and regulatory policies.
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