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Speech
Fintech in a Changing World
Harker, Patrick T. (2022-08-03)
Patrick T. Harker, president and chief executive officer of the Philadelphia Fed, told an audience at the Sixth Annual Fintech Conference in Philadelphia that “fintech can help foster financial inclusion.” Especially when used with alternative methods of evaluating creditworthiness, “the opportunities to use fintech to reach the economically constrained and financially marginalized are truly exciting,” he said.
Speech

Regulating Fintech: One Size Does Not Fit All
White, Carl (2021-02-24)
As fintech companies make inroads into banking, they have raised regulatory issues at the state and federal levels.
On the Economy

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Journal Article
Fintech, Racial Equity, and an Inclusive Financial System
Sanchez-Moyano, Rocio; Shrimali, Bina (2021-08-02)
This issue of the Community Development Innovation Review examines the promise and pitfalls of financial technology, or fintech, for fostering racial equity and greater financial inclusion. Edited in partnership with the SF Fed’s Fintech Team and Aspen Institute’s Financial Security Program, this issue brings together a broad set of voices from people working in various roles—including in technology, community development, economic inclusion, regulation, and investment—to contextualize gaps in the financial system and consider ways to address them. The authors examine dimensions of ...
Community Development Innovation Review , Volume 15 , Issue 2 , Pages 132

Working Paper
A Survey of Fintech Research and Policy Discussion
Allen, Franklin; Jagtiani, Julapa (2020-05-28)
The intersection of finance and technology, known as fintech, has resulted in the dramatic growth of innovations and has changed the entire financial landscape. While fintech has a critical role to play in democratizing credit access to the unbanked and thin-file consumers around the globe, those consumers who are currently well served also turn to fintech for faster services and greater transparency. Fintech, particularly the blockchain, has the potential to be disruptive to financial systems and intermediation. Our aim in this paper is to provide a comprehensive fintech literature survey ...
Working Papers , Paper 20-21

Discussion Paper
Meet People Where They Are: Building Formal Credit Using Informal Financial Traditions
Akana, Tom (2020-02-20)
The Consumer Finance Institute hosted a workshop in February 2019 featuring José Quiñonez, chief executive officer, and Elena Fairley, programs director, of Mission Asset Fund (MAF) to discuss MAF’s approach to helping its clients improve access to mainstream financial markets. MAF’s signature program, Lending Circles, adapts a traditional community-based financial tool known as a rotating savings and credit association (ROSCA) to help establish or expand credit reports for participants who may not be able to do so through traditional means. Lending Circles have served more than 10,000 ...
Consumer Finance Institute discussion papers , Paper 20-01

Working Paper
Is \"Fintech\" Good for Small Business Borrowers? Impacts on Firm Growth and Customer Satisfaction
Schweitzer, Mark E.; Barkely, Brett (2017-02-02)
?Fintech? is a rapidly expanding segment of the financial market that is receiving much attention from investors and increasing regulatory scrutiny. While the attention is rising, very little is known about the performance of these lending sources on the outcomes of small businesses that make use of them. The Federal Reserve?s 2015 Small Business Credit Survey has data on the experiences of business owners with this new funding source and can provide some useful insights into this expanding sector, if compositional differences among the businesses that get bank loans, those that get fintech ...
Working Papers (Old Series) , Paper 1701

Report
President's Message: Importance of Studying Innovations in Payment Technologies
Bullard, James B. (2021)
For several years, economists at the St. Louis Fed have been studying innovations in payment technologies such as cryptocurrencies and blockchain.
Annual Report

Discussion Paper
FinTech-Issued Personal Loans in the U.S.
Flagg, Jessica N.; Hannon, Simona (2023-08-30)
The financial technology advances of the past decade brought to prominence a new group of lenders active within the personal loan space—financial technology (FinTech) lenders. Although traditional lenders such as banks, thrifts, credit unions, and finance companies continue to play an important role in providing personal loans to consumers, FinTech lenders gained a notable market share.
FEDS Notes , Paper 2023-08-30-1

Newsletter
Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy
Rhodes, Kristin; Dumitriu, Alexandra; Markovich, Courtney; Edwards, Andrew; Christopoulos, Louie; Brookshire, Makaylah; Wolfe, Brian; Black, Lamont K. (2017)
The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their tenth annual risk conference on March 29?30, 2017. The conference brought together financial industry professionals, academics, and regulators to discuss the rapid pace of technological innovation in financial services, as well as the uncertainty of the changing economy through the lens of risk management.
Chicago Fed Letter

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