M-RCBG Associate Working Paper No. 110
Regulation Innovation: Using Digital Technology to Protect and Benefit Financial Consumers
Jo Ann Barefoot
2019
Abstract
This is the first in a series of six working papers on Regulation Innovation in consumer finance. The series will explore how technology is changing financial services in ways that can enhance consumer financial health and inclusion, and it will suggest regulatory modernization strategies for optimizing these trends. This first paper has two parts. First, it provides an introduction to the series as a whole. Second, it examines the current US public policy framework and primary strategies for protecting financial consumers and assuring financial access. It looks at legal and regulatory approaches, regulatory structure, and industry mechanisms for assuring compliance with these requirements.