Financial Technology Association Comments on Federal Reserve Confirmations

The Financial Technology Association (FTA) has issued as statement on the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson.

Penny Lee, CEO of the FTA, stated:

“The Federal Reserve Board of Governors can play a powerful role in allowing market innovation to flourish. That includes encouraging competition in the economy, expanding access to Fed services, and coordinating with federal and state regulators to drive greater certainty. We applaud the historic confirmation of Dr. Cook and Dr. Jefferson and look forward to working with the full Board to shape the future of financial services.”

The FTA noted that it had recently expressed support for the Federal Reserve’s effort to clarify account access standards while still encouraging innovation. The FTA urged the Board to avoid an overly rigid approach that would deter new market entrants. The FTA also called on the Federal Reserve to expand access to its services for technology-based payments companies to increase innovation and lower costs for consumers.  The FTA submitted a comment letter calling on the Fed to modernize access.

“We urge the Federal Reserve to level the playing field so that consumers can benefit from lower costs and faster, responsible services.”

The FTA represents Fintechs like Betterment, MoneyLion, Marqeta, and more.

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