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Fintech

On July 23, the New York State Department of Financial Services (“DFS”) announced a new Research and Innovation Division.  The Division will assume responsibility for licensing and supervising virtual currencies.  It will also “assess efforts to use technology to address financial exclusion; identify and protect consumer data rights; and encourage innovations in the financial services

Bank-fintech partnerships are good for consumers and banks, as I recently explained in testimony to Congress during a hearing on the opportunities and challenges in the fintech marketplace.

Consumers benefit because banks are able to use fintech to deliver safer, more transparent, lower cost and more convenient financial products and services to consumers over the