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ATPC Supports Rep. McHenry Legislative Efforts to Increase FinTech Innovation
October 18, 2016
The ATPC endorsed Representatives Patrick McHenry and Rep. Kevin McCarthy’s Innovation Initiative when it was announced in March 2016. And now the ATPC further stands with Rep. McHenry and his efforts to enhance American FinTech investment through, H.R. 6118, the Financial Services Innovation Act of 2016 that was recently introduced for Congressional consideration. The ATPC and its member companies fully endorse the determination of Rep. McHenry to establish and stimulate a positive innovation environment for the FinTech and payments processing industries in America, and the role it will play in ensuring our country leads the future of global transactions.
State legislatures and the private sector have attempted to spur innovation through investment for years. The ATPC has been working with Britain’s private sector, legislators and leading business organizations this year to discuss regulatory practices on each side of the pond in hopes of strengthening best practices and future collaboration. The U.K. currently employs a regulatory “sandbox” methodology that aims to create a ‘safe space’ for businesses to test innovative products, services, business models and delivery mechanisms in the marketplace without the usual oversight typically associated with the launch of innovative products. Results in the U.K. have been positive, with increased investment and an array of products moving from concept to market in rapid succession. Rep. McHenry’s Financial Services Innovation Act seeks to create a federal role in the collaborative environment similar to the U.K. sandbox that drives innovation and legislation that fosters a fertile marketplace that also provides necessary consumer protections.
The legislation would create a Financial Services Innovation Office, or FSIO, to regulate FinTech in the United States, and would be implemented across all federal agencies. These resulting FSIO Liaison Committees will facilitate cooperation, and information and data sharing amongst financial services companies. As is the case with most legislation, this act includes complex elements that will be poured over by members of Congress and their staff. But supporting the development of innovative financial technology remains at the forefront of the bill, and earned the support of the ATPC and its member companies as a result.
The ATPC has worked diligently to build a relationship with Rep. McHenry, including visiting with the Congressman during the September Capitol Hill fly-in, where ATPC Executive Director H. West Richards and a delegation of board members and member company representatives participated in a meeting inside the United States Capitol.
The Congressman also visited Transaction Alley that same month, meeting with ATPC Executive Director H. West Richards, InComm executives including ATPC Board Chairman Scott Meyerhoff, and First Data EVP and ATPC Board Member Barry McCarthy. More on that visit can be found here.
Stay tuned to the ATPC website, Twitter @TransactAlley, and other communications for updates on this key piece of legislation.