A Financial System That Creates Economic Opportunities • Nonbank Financials, Fintech, and Innovation
Enabling the Policy Environment • International Approaches and Considerations
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Group Name
Participating agencies Mission / Goals Correlation to Fintech
Financial Stability Board Financial Innovation Network
Treasury, FRB, SEC, OCC, FDIC,
FRBNY, and the Office of Financial
Research represent the United
States. Other members include
central banks and authorities
with formal responsibility for the
supervision of banking business.
The Financial Stability Board
promotes international financial
stability by coordinating national
financial authorities and international
standard-setting bodies as they
work toward developing financial
sector policies. The Financial
Innovation Network is responsible
for understanding emerging trends
in financial services and the potential
effect on financial stability.
General Fintech. In 2017, published
white papers and a report on the
financial stability implications of
fintech credit (in collaboration
with the Committee on the Global
Financial System), the use of artificial
intelligence (AI) and machine
learning in financial services, and
fintech supervisory and regulatory
issues that merit authorities’
attention.
International Credit Union Regulators Network (ICURN)
NCUA represents the United States.
Other members include national and
other supervisors of credit unions
and financial cooperatives.
ICURN provides training to
supervisors of credit unions and
financial cooperatives on a variety
of topics.
General Fintech. ICURN’s July 2017
conference included a panel on
understanding fintech and regulation.
Discussion covered sectors
including payments, lending, digital
wealth management, and DLT.
International Organization of Securities Commissions (IOSCO), Committee on Emerging Risks
SEC and CFTC represent the United
States. Other members include
national and provincial securities
regulators.
IOSCO brings together the world’s
securities regulators and works
with the G20 and the Financial
Stability Board (FSB) on the global
regulatory reform agenda. The
Committee on Emerging Risks
provides a platform for securities
regulators and economists to
discuss emerging risks and market
developments and to develop and
assess tools to assist regulators in
reviewing the regulatory environment
and identifying, monitoring, and
managing systemic risk.
General Fintech. In February 2017,
the Committee on Emerging Risks
published a research report on
fintech, which included sections on
fintech lending, digital investment
advice, DLT, fintech in emerging
markets, and other regulatory
considerations. IOSCO also
established an Initial Coin Offering
Consultation Network, through
which members can discuss their
experiences and concerns regarding
token sales, and has issued
related statements to members and
the public.
Source: U.S. Government Accountability Office, Financial Technology: Additional Steps by Regulators Could Better Protect Con-
sumers and Aid Regulatory Oversight (March 2018).