United States, Fintech, Dr Shawn Lewin discussed on FinTech Insider
We are coming to you live from our eleven f us officers this week in we were old gate rather sunny London town. My name is Ross Gallagher, principal consultant eleven us, and I'm joined by my colleagues and co host David wear and tear Kosinski how you guys doing today. David gritty heads like I've, this is literally Monday th ame- so been out of the office for three days which it managed pretty much piss it down for three of those days. So living in Norwich. Awesome. But apparently when I take time off, it shuts it down, which is annoyed is it worth clarifying when this goes out, it'll be Monday for everybody. Wow. That's weird. Like in the future freezing. So we do record on Thursdays, Sarah, how you doing? I'm very well, thank you. I'm enjoying not being the one trying to hold this whole thing together. Rather, I rather suspect you would do a better job, but, hey ho, we'll see. We go. And as ever we are not alone, we are joined in the room by some fantastic guests. We have Diana Parada CEO of swayed lives how you doing? Yes, super enjoying the sun. So and I have a BS when everything's good wall market you on and we have Dr Shawn Lewin, aka the red doctor client live redirect, ragtag associates, Sean how you doing. I'm great, and it's great to be here my first your first show show. So I've been an avid listener for a while, so it's great to be in the room. It's gravy were super excited. The rank doctor of good ask. That's the coolest title ever like we were talking about in the office, and I was like, she just cooler self. You actually are doctor of rags, this is facing. So can you? Can you just explain the context for that one a little bit because this isn't like Dr dre calling himself, the doctor, you actually our doctor PHD which studied regulatory change. You must have been one of the first people to do that as our must've been pretty gold. Welcome. Thank you. Any collaboration with Eminem? Not not currently. Plan. The open to office. Director. Ever? No. No. Let's get started with this week's news which has a very American field to the first half. So where else could we start? But with the US charger for fintech. So this story comes from Reuters and is to do with the US treasury on Tuesday backing the creation of a federal charter for financial technology firms in what I suppose is being called a boon for online peer to peer lenders that have long complained. The current state by state licensing regime is both expensive and outdated. So I mean, charter runs to two hundred twenty two pages. Sarah, I think as someone who has read it all and I think in the process proved the your one of your many superpowers is your attention span. You wanna maybe talk to us about this. Say just clarify this. This t things the US treasury, two hundred twenty two page report, which is the fourth report in the series which basically the Trump administration told them to like salt things out by which they meant Haberson principles, make sure everything aligns to other. Is get rid of the rest and it's Paul that drive to reduce regulation. I'm going to get this short because they're two tech experts and the room. The one of the things they recommended in that report was that something could the the fintech charter or the, that's what been dubbed which the which is another regulator has been trying to push through for two years. They recommended they be allowed to finally get that going. So just off the treasury report came out, a second announcement came from the which was like, hey, guys, Bergamo business. So anybody who is non deposit, taking a fintech in the US can apply when these licenses, but I'm sure you guys Shawn's noting at me. I'm sure you have much more insight on this than me. Yeah, it's really, really interesting move because more broadly around the world, we've seen a lot of regulators pushing the fintech, innovation agenda, and one of the things that help the US back from some of these other approaches like regulatory sandboxes is the fragmentation of the regulatory framework in the US. And so this is a really interesting move to. To try and overcome some of those some of those issues..