Financial Technology: Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory Oversight
GAO (2018) Financial Technology: Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory Oversight, Highlights of Report No. GAO-18-254, Mar 2018
Advances in technology and the widespread use of the Internet and mobile communication devices have helped fuel the rise of traditional financial services provided by non-traditional technology-enabled providers, often referred to as fintech. This report addresses fintech payment, lending, wealth management, and other products. GAO assesses 1) fintech benefits, risks, and protections for users; 2) regulatory oversight of fintech firms; 3) regulatory challenges for fintech firms; and 4) the steps taken by domestic and other countries' regulators to encourage financial innovation within their countries. GAO reviewed available data, literature, and agency documents; analyzed relevant laws and regulations; and conducted interviews with over 120 federal and state regulators, market participants, and observers, and regulators in 4 countries with active fintech sectors and varying regulatory approaches.
Publication type:
policy brief
Publication language:
English
Publication date:
2018-03
Publication URL:
https://www.gao.gov/assets/700/690802.pdf
Institute:
Science, Technology Assessment, and Analytics team of the U.S. Government Accountability Office (GAO) (STAA)
Country:
United States of America
Project:
Financial Technology: Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory Oversight (STAA)

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