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McHenry Statement on Fed Action to Allow FinTech Access to Payment System








McHenry Statement on Fed Action to Allow FinTech Access to Payment System





Washington,
May 5, 2021 
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Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Federal Reserve’s announcement that they are seeking comment on allowing non-bank financial institutions to access their payment system:  


“I’m glad that the Fed is seeking comment on how best to include financial technology firms in their payment systems,” said Republican Leader McHenry. “Institutions are finding new and creative ways for technology to help traditionally underserved communities and consumers gain access to capital. Today’s announcement by the Fed is a welcome step that recognizes the important role innovation is playing in the way Americans access, utilize, and interact with the financial system. I look forward to working with regulators and stakeholders to ensure our regulatory structure continues to support this kind of growth, rather than suppresses it.” 

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