The past two decades have seen rapid expansion and exponential growth of financial services technology (fintech) and financial services innovation. For example, financial transactions from the depositing of a simple check to applying for a mortgage can be accomplished electronically and more importantly, in the palm of your hand on a cellphone.

In 2008, while bank and nonbank institution fintech and innovation were flourishing, this country encountered a significant financial downturn that disrupted the financial services industry. The United States responded in the 2010s by entering into a period of intense regulation of financial services. For example, Dodd-Frank reorganized the financial regulatory system, eliminated agencies like the Office of Thrift Supervision, assigned new responsibilities to existing agencies, and created new agencies like the Consumer Financial Protection Bureau (CFPB). While this new regulatory scheme was instrumental in bringing stability into the country’s economy, the framework at times is rigid and did not allow or anticipate innovation to evolve in an orderly and sustainable basis.

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