Big data is on the agenda for the House Financial Services Committee’s Task Force on Financial Technology. The Fintech Task Force will convene for a hearing entitled, “Banking on Your Data: the Role of Big Data in Financial Services.”
The Fintech Task Force is relatively new having been created by Chairwoman Maxine Waters earlier this spring, along with a new AI Task Force. The Fintech Task Force is chaired by Congressman Stephen Lynch.
Details regarding the agenda and individuals testifying in front of the Task Force typically are announced a couple of days prior to the hearing.
Big data and finance is a hot, but a rather esoteric, subject these days. The advent of Open Banking and GDPR in Europe has advanced the concept of data utilization and control around the world. In the UK, the first country to move forward with Open Banking, individuals control their own data and decide who may, or may not, access the data. This is in contrast to the more common current approach where the financial institution controls information and may “sell” some of for their own benefit. Additionally, in the UK APIs are mandated for all big banks thus allowing smaller Fintechs to access information directly which may then be more effectively utilized to provide services. The UK’s regulatory environment has long championed innovation and competition in financial services – something traditional banks have struggled with at times.
Depending on who will testify, this may be an interesting hearing to watch.
The Fintech Task Force is currently scheduled to take place on November 21 at 930AM. The proceedings will be live-streamed on the Committee’s website.