Financial Innovation Policy

Federal and state regulators need to make substantial strides to enable beneficial and responsible financial innovation. Recognizing the diversity of the United States financial regulatory system requires coordination to ensure innovation pathways are available to all market participants regardless of charter, license, or business model. MBA urges regulators to periodically review and modernize existing financial regulations-many of which were developed before e-mail, the internet, and mobile applications-so that old rules do not create liability for meeting consumers in their preferred engagement channel or lock-in inefficiencies. The regulators and Congress should also recognize the national impact and scope of most technologies and seek national solutions to issues that arise.

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