Principal Denver Edwards was quoted in the ThinkAdvisor article "Advisors Beware: More Fintech Regs, Enforcement Coming in 2018" by Ed Silverstein on December 29, 2017. The article discusses the possibility that there could be more enforcement actions followed by new regulations in 2018 in the area of fintech.
Meanwhile, a differing view comes from Denver G. Edwards, an attorney at Bressler, Amery & Ross, who said he does “not expect any federal regulations regarding fintech firms in 2018.” “I do not foresee congressional input on fintech in 2018 because it is not a priority given more pressing issues,” he added. “Regulatory agencies will continue to gather information to understand the risks, challenges, and opportunities for beneficial innovation that fintech companies offer, but I doubt regulators are prepared [to] issue sweeping regulations now.”
On a related matter, the Office of the Comptroller of the Currency has yet to decide on whether to issue national bank charters to fintech companies, Edwards said. “It takes time to complete this evaluation process and create a regulatory structure -- or find a way to fit the new products/services into an existing regulatory regime -- that protects consumers without stifling innovation.”
To read the entire article on the ThinkAdvisor website, click here.
Publication
ThinkAdvisor
12.29.2017