A Government Accountability Office study published today examines four “subsectors” within the fintech industry, highlighting the types of products and services offered and how they are regulated.
The report, the first in a series on regulation in the fintech industry, focuses specifically on marketplace lenders, mobile payments, digital wealth management platforms and distributed ledger (also known as blockchain) technology. It provides an overview of the technologies associated with each subsector, identifies primary users of the products and services, notes potential benefits and risks, and highlights industry trends and current regulations.
In compiling the report, GAO surveyed a wide range of industry stakeholders, including ABA. While the GAO did not issue any recommendations in the report, it noted that regulation of these four subsectors was varied depending on the types of products or services offered and the way in which they are delivered to consumers.