AFSA this year has provided its members the opportunity to learn about the concept of a FinTech sandbox from speakers at both the state and federal levels.
The first state to create a FinTech sandbox was Arizona. The sandbox concept in Arizona, according to Attorney General Mark Brnovich, is a way to reduce regulations without stifling technology.
Addressing AFSA’s inaugural Law and Compliance Symposium last January, Brnovich said the initiative allows fintech companies “to come up with a better mousetrap to serve the citizens of Arizona.” This is against the backdrop of Arizona being among the states having the most stringent consumer protection laws in the nation.
Fast-forward to AFSA’s Annual Meeting last month. The topic of the FinTech sandbox on the federal level was addressed by Paul Watkins, Director of the Office of Innovation at the Bureau of Consumer Financial Protection (BCFP).
Ironically, the federal agency hired Watkins in July from the Arizona Attorney General’s office. There, Watkins was Chief Counsel for the Arizona AG’s 150-person civil litigation division. Additionally he led the office’s sandbox initiative with the aim of easing regulatory burdens for firms trying to launch new products.
“Innovation can protect consumers in ways regulations cannot,” Watkins said at the AFSA Annual Meeting. “Arizona now has seven applicants operating in the sandbox.”
“At the BCFP, we did not create the upside in customer service,” he said. “We rely on businesses to bring products to market. The bureau seeks to promote competition.”
AFSA this year has provided its members the opportunity to learn about the concept of a FinTech sandbox from speakers at both the state and federal levels.
The first state to create a FinTech sandbox was Arizona. The sandbox concept in Arizona,… Read the rest
The latest edition of the AFSA Today podcast features Ann Carmichael, Vice President of Congressional Affairs at AFSA. Ann analyzes, among other topics, changes in leadership at the important House Financial Services Committee on both … Read the rest
Join us at 2 p.m. ET on Thursday, December 13 for Top Ten Debt Collection Lessons from 2018, presented by AFSA.
We’ve seen a number of developments in debt collection this year. Technology is changing the way debt is collected. The Bureau… Read the rest
Join AFSA on Tuesday December 4 at 2 pm. ET for Optimize your Acquisition Strategy and Elevate Profits, presented by Clarity, a division of Experian.
Step into the future of customer acquisition and put the data to work for you!
The capabilities… Read the rest
Bestselling author and motivational speaker Erik Qualman will deliver the keynote address at the 2019 AFSA Vehicle Finance Conference and Expo From January 22-24 at the Hilton San Francisco!
Erik has performed in over 50 countries and reached… Read the rest
This week the AFSA Education Foundation celebrated National Philanthropy Day. This is a special day set aside each year to recognize the great contributions of philanthropy – and those people active in the philanthropic community… Read the rest
Join us on Tuesday, November 13 at 2 p.m. ET for “Speedpay® Pulse: Consumer Research Reveals Preference for Traditional Payment Options,” presented by Speedpay.
The Speedpay® Pulse, a quarterly consumer… Read the rest
The 2016 midterm elections are history and we now know that the House of Representatives will shift control to the Democrats, while the Senate will have a strengthened Republican majority.
Of particular interest to AFSA members, Tuesday’s… Read the rest
