The Federal Reserve also engages in ongoing communication with other regulators to promote, to the greatest extent possible, consistency in approaches and alignment of supervisory requirements. Exchanging ideas and discussing fintech innovations with other regulators is critical to understanding and vetting risks and, where appropriate, reaching consistent views regarding the application of laws, regulations, or guidance. Finally, we recognize the value of technical expertise.
With fintech, as with any other emerging financial product or service, the Federal Reserve is learning as much as we can to ensure that we have a robust understanding of the technologies and activities in which banks and other financial firms are engaging, and to inform the development of our policy and supervisory approaches.