Brian Knight
Director of innovation and governance and senior research fellowBrian Knight is the director of innovation and governance and a senior research fellow at Mercatus Center at George Mason University.
Brian Knight is the director of innovation and governance and a senior research fellow at Mercatus Center at George Mason University.
A long-term discussion about rethinking rules of the credit market is worth having, but for right now Congress should restore clarity by correcting the Second Circuit’s mistake.
Acting Comptroller of the Currency Keith Noreika should take some time to assess whether the agency’s fintech charter is developing in a way that best serves the public.
The OCC’s draft fintech charter requirements are far from perfect. States can seize this chance and collectively create a better regulatory environment for fintechs.
The new president should establish a pro-innovation culture that avoids picking winners and losers and blocks regulations that unduly hamper innovation.
Refusing to let innovators experiment in a permissive environment keeps regulators in the dark, and ultimately, prevents progress in financial services.
State regulators' resistance to the idea of a national fintech charter is not surprising, but state-by-state regulation imposes heavy burdens that reverse the cost savings and expanded reach available through fintech.
Small-scale financial services companies such as storefront lenders and local money transmitters which use technology should have a choice of whether they are regulated by a state or federal regime.
Federal rules for technology-based firms providing the fast-moving sector certainty and consistency would be a benefit, even if rules are suboptimal.
Despite the House Financial Services Committee's passage of a bill to convert the Consumer Financial Protection Bureau's leadership structure from a single director to a commission, Democrats have largely opposed the bill.