TechNet promotes the banking and financial technology (fintech) sectors by removing regulatory barriers to economic growth and job creation. TechNet supports innovation in the banking and fintech sectors by encouraging state policymakers to ensure the regulatory system remains technology-neutral and regulates new technologies, including cryptocurrencies and alternative banking, using a balanced approach that encourages fair competition.
TechNet supports private sector efforts to provide consumers with new, safe, secure, and reliable financial tools. In particular, the state program supports the following principles:
· Streamlined rules for the online financing marketplace. Antiquated federal and state regulations fail to address constant change, diversity, and innovation in the online marketplace. Federal and state policymakers should streamline financing laws across jurisdictions, account for the innovative lending market of today, and oppose adding fees to global transactions.
· Policymakers should promote industry best practices that protect consumers and small businesses, such as transparent disclosures, without inhibiting innovation in providing access to credit.
· Leverage technology to reduce barriers to financial services and empower consumers to better manage their financial lives.
· Unlock the power of financial apps. Policymakers should empower consumers and small businesses to take advantage of financial apps on their smartphones that improve security and offer reliable convenience and give unbanked and underbanked persons opportunity to build credit.
· Unlock access and understanding of tools that improve financial literacy for all consumers.
· Enhanced security and convenience through continuous innovation. No one technology should be mandated for security and authentication, nor should one technology become a de facto mandate through “floor-setting.”
· Promote new entrants and empower consumers to utilize a broad array of fintech products and solutions.
· Promote the adoption of and oppose restrictions on card and mobile retail.
· Reduce fraud in the financial industry by empowering innovators.
· Promote free market growth of the payments industry and defend it against market-controlling legislative and regulatory policies.