Last week, the U.S. Senate voted 51 to 50 to repeal the Consumer Financial Protection Bureau’s (CFPB) arbitration rule – with Vice President Mike Penc...
U.S. Senate Repeals CFPB Arbitration Rule: A Win for ATPC Member Companies and the Industry as a Whole
November 1, 2017
ATPC Leadership Participate on Panel at Republican Attorneys General Event
November 1, 2017
Inaugural P20 Conference a Success, Attention Turns to 2018 Event in Atlanta
November 1, 2017
Joint Study Committee on FinTech Concludes Meeting Schedule, ATPC Presents Policy Recommendations
December 7, 2016
The final meeting of the Joint Study Committee on FinTech took place November 7th at the Georgia state capitol in downtown Atlanta, where members of the Committee heard final recommendations from FinTech and payments industry stakeholders.
A robust agenda kicked off with a presentation from outgoing Technology Association of Georgia (TAG) president Tino Mantella, who spoke on the future of FinTech in the state. That initial talk folded neatly into a discussion around the Metro Atlanta Chamber’s “#ChooseATL” initiative. The campaign, led by executive director Kate Atwood, intends to attract more young talent and companies to metro Atlanta; and the initial funding partners showcase impressive collaboration and support across the region.
Like the two previous meetings, members of the Joint Study Committee heard from a FinTech and payments industry executive. Kathryn Petralia, President, COO, and Co-Founder of Kabbage, gave testimony on her experience in starting a FinTech company in Atlanta – including the advantages and challenges. While companies like Kabbage are able to capitalize on Georgia’s existing payments sector and cybersecurity industry to attract quality talent, further FinTech incentives would send a clear message to investors “that Georgia is serious about creating new technology companies and scaling with existing FinTech enterprises.”
Atlanta is not only a leader in the payments industry, but also a telecommunications hub – and both rely on each other. Kevin Curtin, Regional VP of Legislative Affairs at AT&T, revealed that equal support of telecomm is required to retain and grow support for the burgeoning FinTech industry. He presented ways that Georgia can stay ahead of other states, and what the Committee should consider during the upcoming legislative session to retain FinTech’s dominance. In addition, representatives from the Georgia Department of Economic Development briefed the Committee on existing economic incentives offered to FinTech companies who are, or choose to relocate in the state.
Keith Hartford, president, WNA, and Grant Wainscott, director of technology industry at the Metro Atlanta Chamber (MAC), provided an update on the FinTech Atlanta task force to conclude the meeting. This collaborative effort created by the ATPC, TAG, and MAC convenes Transaction Alley FinTech and payments companies to, among other activities, advocate for and protect the state’s investment in this industry.
The ATPC and its state government affairs team at J.L. Morgan and Co. worked with Committee Co-Chairmen Sen. Brandon Beach and Rep. Ron Stephens (and staff from the Senate Research Office) following the last meeting, to craft a final report, including recommendations designed to bolster ATPC member companies, and the broader ecosystem. The ATPC submitted legislative recommendations to: support new education programs like the FinTech curriculum and certificate program; incentivize the opening of new innovation hubs and recruiting industry companies to Georgia; and support the FinTech Atlanta Task Force and ATPC’s P20 initiative. In addition, the ATPC submitted specific policy recommendations on behalf of member-company NOWAccount a B2B Fin-tech enterprise pioneering the rapidly growing trade credit space. The recommendations focused on modifying existing code to signal to the broader business and finance communities that Georgia is serious about growing its FinTech sector.
The final report is currently under review and will be released in mid-December, prior to the holidays and beginning of the state legislative session in January. The ATPC thanks the organizations, companies, and individuals who participated in the study committee process on behalf of the industry, and it will continue to work with state legislators leading up to and during the session – providing updates accordingly on its website and Twitter handle, @TransactAlley. You can read about the first meeting of the Joint Study Committee on FinTech and second meeting, held at ATPC member company, Elavon, by clicking on the respective links.