WASHINGTON, DC - The Subcommittee on Digital Commerce and Consumer Protection, chaired by Rep. Bob Latta (R-OH), today announced a hearing for Thursday, June 8, 2017, at 10:00 a.m. in room 2123 of the Rayburn House Office Building. The hearing is entitled, “Disrupter Series: Improving Consumer’s Financial Options With FinTech."
Consumers have an unprecedented amount of information available at their fingertips today. However, there are still millions of Americans with limited access to banking services who are desperately in need of a way to engage in commerce, invest in savings, and manage their day to day financial health. The answer to this problem may come in the form of a digital revolution better known as “FinTech." This term is most often used to describe a variety of banking and financial services offered to consumers online. FinTech is widely celebrated for its ability to be both convenient and accessible. For example, with the push of a button via mobile device, consumers can move money to their savings account, pay a bill online, or outline a budget for monthly expenses.
While this industry has skyrocketed in popularity over the last several years - and the number of companies developing FinTech products has surged as well- some reports in recent quarters have noted a plateau in U.S. investment. This hearing is an opportunity to learn about the state of play in the FinTech industry: what consumers actually want and whether FinTech offers consumers products and services that meet their needs.
“The FinTech revolution is one that has taken the digital world by storm - disrupting the traditional aspects of the finance industry and transforming commerce as we know it. In turn, it has opened up a new realm of possibilities for consumers and businesses: increasing convenience, improving accessibility, and helping folks to track and cut costs," said Chairman Latta. “The FinTech industry has allowed the average American to have more control over their financial well-being while simultaneously promoting greater financial literacy. Next week’s hearing is an important opportunity for us to hear from companies on barriers they face in the market and learn how Congress can continue investing in its potential."
The Majority Memorandum, witness list, and witness testimony for the hearing will be available here as they are posted.
