Arnold & Porter explains US Policy Developments in FinTech and Payments Systems: Federal Reserve Establishes Tasks Forces of Faster Payments and Secure Payments
FinTech businesses focused on payments systems and foreign exchange have witnessed an explosion of demand in recent years. As these payment systems services continue to gain mainstream acceptance, financial regulators in the US are increasingly interested in monitoring and, as appropriate, prescribing policies or regulations concerning them, slowly casting a prudential regulatory framework over the FinTech payments systems industry. The policy and regulatory landscape in this area is undergoing fundamental change.
Regulation of the US payment system is highly fragmented and often ad hoc. In the foreign exchange sector, for instance, the appropriate regulator and the nature of the … Read more