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.