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Bipartisan Opportunities to Legislate U.S. FinTech in the 21st Century

The level of bipartisanship and interest from lawmakers in FinTech-related issues has grown and there remain multiple bipartisan legislative opportunities to drive FinTech policy forward that address hurdles preventing startups and incumbents from harnessing the full potential of technology in delivering a more responsive, competitive, and efficient financial services system.

This report highlights six FinTech topics as key areas where lawmakers from both sides of the aisle have come together to introduce bipartisan legislation in the 115th Congress. We also make the argument that enough bipartisanship exists in each topic area to move related legislation beyond Congress to the president’s desk for signature.

Based on our analysis, the Institute has formed the following policy recommendations for lawmakers that address some of the challenges posed to innovative models, products, and services:

  • Provide certainty on “true lender” and “valid when made” issues to maintain a vibrant, competitive marketplace for credit.

  • Harmonize inconsistent state-by-state regulations related to mobile banking to drive financial inclusion and access.

  • Update tax reporting guidelines regarding cryptocurrency transactions to protect against tax evasion and to promote a more transparent, responsible marketplace.

  • Enable the reporting of alternative data that can expand access to credit.

  • Develop common reporting standards among U.S. financial regulators to foster a more transparent marketplace.

  • Require the IRS to automate certain data collection and reporting processes that can help enhance the speed and efficacy of the underwriting process.