Five people from Washington on fintech during Trump’s second term

WASHINGTON — Current and former federal lawmakers hope fintech regulations under the second Trump administration will usher in an era of greater innovation and are encouraging industry participants to bring their ideas to the table.

Bank regulators are on the verge of major shifts in leadership and authority after the Biden administration imposed tighter oversight on banks and their relationships with fintechs.

Hot tech topics like artificial intelligence and third-party relationships will be revisited, policymakers said Tuesday at the American Fintech Council’s Policy Summit, though it’s unclear what laws and regulations will be changed, added or removed.

While President-elect Donald Trump hasn’t said who he’ll pick to lead regulatory agencies, people in the Beltway and beyond We expect a softer touch going forward. At the AFC event, fintechs, banks and other stakeholders expressed hopes that: Agencies like the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation would welcome further experimentation.

The AFC incident took place the day before a House Financial Services Committee oversight hearing. Republican lawmakers criticized Biden-era regulators, I hope curb rule making Before Trump took office in January.

Here’s what current and former policymakers had to say Tuesday about the fate of financial regulation and sanctions during the second Trump administration.